Foreign direct investment key to North's plans for economy

Foreign direct investment remains key to Northern Ireland's plans for economic growth despite the global uncertainty created by the terrorist attacks on the US, the chairman of the North's leading investment agency has said.

Dr Alan Gillespie told a gathering of international property professionals in Belfast yesterday that Northern Ireland was confident it could offer fresh opportunities to investors despite the economic climate.

Addressing the International Development Research Council (IRDC) congress, Dr Gillespie said there was now a climate of political maturity in Northern Ireland. "We have set this region on a course to become a knowledge-led economy and in that aspiration we are supported by very real advantages over other regions of the European Union - an abundance of talented people, a cost-effective workforce, prime real estate and a pro-business administration," he said.

Northern Ireland had a real potential to harness e-commerce-led economic growth because it has a ready supply of skilled people, Dr Gillespie said.

"There are property opportunities here, the skyline of this city has been redrawn in recent years and continues to change as new high-rise office developments are erected to create the space for e-businesses."

This is the first time that the IRDC, one of the leading global associations of corporate property professionals and economic developers, has held its three- day world congress in Belfast. It had originally been scheduled to take place in September.

Only 250 of the 400 delegates expected, who represent the corporate elite of the international property world, are taking part in the congress this week. As a result of the dramatic impact of the US terrorist attacks on the world economy, the congress will now address topical issues such as managing risk.

Mr Philip Coates, European chair of the IDRC, said: "After the events of September 11th, corporate security has become an extremely pressing issue, and one we wanted to address, as it now inextricably affects real estate management. We believe this conference will also gauge the confidence of the global property market right now."