THE chairman of the Confederation of British Industry in Northern Ireland, Mr Howard Hastings, has criticised a high profile economic initiative, backed by the British government, which, he said, had "failed to win the hearts and minds of the business community".

Mr Hastings said the Northern Ireland Growth Challenge, which is led by Shorts' chief executive Mr Roy McNulty, had failed to attract the people who are crucial to its success.

The Northern Ireland Growth Challenge was created three years ago with the objective of speeding up the rate of economic growth by bringing together government and private sector bodies. The aim was to create 60,000 jobs in the region by the end of the decade, making Northern Ireland one of the fastest growing regions in western Europe.

Mr Hastings was speaking to an audience of around 400 business people at last week's annual dinner of the Institute of Directors. Among those present were the Northern Ireland Economy Minister, Baroness Denton, and the governor of Hong Kong, Mr Chris Patten.

Mr Hastings said there was very little awareness of the initiative's existence in the Northern Ireland business community. It was perceived as a small group of people talking mainly to, themselves. The test would come when the project began to seek funding from businesses to continue the initiative, he said.

"If that investment is not forthcoming the Growth Challenge is likely to fail," Mr Hastings said.