To ask the Minister for the Economy, pursuant to AQW 16219/22-27, why the running costs of Invest NI in the (i) Asia Pacific; and (ii) India, Middle East and Africa regions declined between the 2022-23 and 2023-24 financial years.

Asia Pacific: Headcount in the 2023-24 financial year was lower (i.e. two positions were not backfilled following staff movement including resignations, while another position was backfilled later in the financial year), as a result office overheads incurred were lower. Accompanied with a stronger GBP (£), the overall running costs reported (in GBP) for the Asia Pacific territory in 2023-24 was lower than the 2022-23 financial year.

India, Middle East and Africa: A reduction in headcount in the 2023-24 financial year (i.e. two positions were not backfilled) led to lower office overheads. A number of office subscriptions were not renewed in 2023-24, there were also recruitment costs incurred in 2022-23 but not in 2023-24. Accompanied with a stronger GBP (£), the overall running costs reported (in GBP) for the India, Middle East and Africa territory in 2023-24 was lower than the 2022-23 financial year

In summary, the reduction in the 2023-24 running costs reported in GBP for both territories were due to staff movement (a reduction in headcount leading to lower office overheads) and exchange rate movement.