The prospect of an uninterrupted period of political stability in Northern Ireland should boost business confidence in the North and create new trading opportunities at home and abroad, according to industry chiefs.
Business leaders yesterday unanimously welcomed the reappointment of Mr David Trimble as First Minister and the election of Mr Mark Durkan as his deputy, as a significant boost for the local economy.
Industry surveys reflect strong support for the Northern Ireland Assembly and its regional ministers and show that devolved government has in the past contributed to a more optimistic outlook among businesses in the North.
Mr Brendan Mullan, chief executive of Investment Belfast, the vehicle that promotes the city as an inward investment location, said the new political environment could deliver an immediate economic dividend for the North.
Investment Belfast is preparing to host the IRDC (International Development Research Council) world congress later this week in the city.
The conference, which had originally been scheduled to take place in September, will bring some of the elite from the world of corporate real estate to Belfast for the first time.
Up to 250 delegates, including senior executives from IBM, Ford and Sun Micro Systems will attend the four-day conference which will discuss the latest research on the global economy.
Mr Mullan believes the fact that the world congress is coming to Belfast, represents a breakaway from past stereotypes and perceptions of Northern Ireland.
"Political stability has been the missing link for potential investors considering Belfast as a new location, now we have the final piece of the jigsaw and we hope it will reassure companies of the city's potential and its ongoing transformation," Mr Mullan said.
Mr John Stringer, chief executive of the Northern Ireland Chamber of Commerce said: "The world of business will have breathed a collective sigh of relief following the reappointment of a first minister to the Northern Ireland Assembly.
"We hope that this will be the last crisis for some time and that the Northern Ireland Assembly is now truly back in business."
According to Mr Eric Bell, chairman of the Institute of Directors in Northern Ireland, the new structures present the opportunity for real progress on the economic front.
"The political trampolining of recent weeks has detracted from key economic issues which must now be addressed by the Northern Ireland Assembly.
"Northern Ireland is seeing the effects of the downturn in major economies in the obvious sectors of aviation and technology and it is more important now that the public and private sectors work more closely together to stabilise the economy," Mr Bell said.
