To ask the Minister for the Economy to detail any assessment her Department has made of the economic benefits of the circular economy sector in Northern Ireland.

Transitioning to a more circular economy represents a fundamental change in how resources are managed, products are designed, and services are delivered. By prioritising the re-use, repair, remanufacture, and recycling of materials we can reduce reliance on finite resources, minimise waste, and stimulate innovation across various industries.

The economic benefits of a more circular economy can include the creation of new employment and skills opportunities, particularly in areas such as recycling, repair services, and resource management. My department published The Circularity Gap Report in 2022, which estimated that 70,000 jobs were contributing to the circular economy at that time and suggested that a doubling of this number would be a realistic target.

The transition can encourage the development of new circular business models, support local enterprises, foster resilient supply chains and help increase protection against volatile raw material prices. It can also attract investment, enhance business competitiveness and lower operational costs.

My department is currently working on the development of a monitoring framework consisting of a suite of metrics and indicators to help measure progress as part of future implementation of the Circular Economy Strategy.