It may be just a happy co-incidence that David Dobbin is an accomplished sailor. But it is an attribute that could prove to be extremely useful to the new chairman of Belfast Harbour.

The harbour could be one of the first items on the radar for the Northern Ireland Executive as it looks for the money needed to support the introduction of a lower rate of corporation tax in the North.

The latest indication from First Minister Peter Robinson is that the rate will be set at 12.5 per cent – the same as it is in the Republic.

But bringing this into play will cost millions in the form of a major cut in the £10 billion block grant from the British treasury to run the local economy. Latest estimates suggest the grant will be reduced by £325 million and the North’s Executive will need to make up the shortfall.

One of the places it might visit to find this is the 2,000 acres of Belfast Harbour estate due to its sale potential.

It is not the first time local political leaders have considered the sale of the harbour as a lucrative way of raising money but there is more urgency behind the review this time.

Dobbin, who has been on the board of the harbour since 2012, is also group chief executive of United Dairy Farmers, a dairy co-operative which employs 1,000 people.

Critical role

He says no one – least of all local political leaders – should be in any doubt about the “critical role” the harbour plays in the local economy.

“The Northern Ireland economy is naturally dependent on seaborne trade and Belfast harbour is the port of choice for almost three-quarters of all of Northern Ireland’s seaborne trade and also about 20 per cent of the island of Ireland’s.

“When most people look at the harbour they probably automatically think of the port – we are first and foremost a major port and the harbour is Northern Ireland’s primary gateway to the rest of the world,” Dobbin says.

But it is not just a port. The harbour estate covers an area equivalent to 20 per cent of the total Belfast area, and is home to some of the North's largest employers, including Bombardier and Citi.

It includes the 185-acre Titanic Quarter, Syndenham Business Park and, more recently, the £250 million City Quays development – the first phase of the development, an 84,000sq ft office block, is the only office project built in Belfast this year.

Dobbin said the harbour company’s commitment to developing and investing in its property portfolio has attracted major investment to the North and created a significant number of jobs.

More than 100 companies are located in Titanic Quarter which also houses the Northern Ireland Science Park.

Without the foresight of the harbour’s forefathers this “engine for local economic and regional development” might not occupy the same successful, self-financing position as it does today, he argues.

Economic driver

“The sheer scale and breadth of the harbour’s business means that it plays a critical role in the economy in terms of being a major economic driver.”

Dobbin believes that local politicians should make an “informed” decision about the role they want the harbour to play in the North’s economic future. “In the last 20 years Belfast Harbour has invested every penny of profit we have made. We have invested £400 million in infrastructure, and we are committed to investing another £140 million over the next three to five years – and we are not asking for a penny in support.

“The harbour serves a purpose and Northern Ireland can only sell it once. We’re not opposing any sale, but I would say this, whoever buys it will want to get a return on that purchase.

“Why risk what is currently a winning formula?”