Devolved government remains the key to Northern Ireland's wealth and prosperity in 2002, the North's Economy Minister has said in his New Year's message to the business community.

Sir Reg Empey believes the Northern Ireland Executive passed several milestones in developing the economy last year despite some setbacks. "Factors such as the foot-and-mouth outbreak, the global economic downturn and the worldwide repercussions of September 11th all contributed to a particularly difficult year for us all," he said.

The sector that had suffered most was the tourist industry but although Northern Ireland remained vulnerable to the "unpredictable", Sir Reg believed it was important not to lose sight of the good work that had been done.