BELFAST BRIEFING:THERE IS only one city in the world where no one sees the irony of putting the words Titanic and boat tours into the same sentence.
The fact the luxury liner hit an iceberg and perished on her maiden voyage has failed to make the slightest dent on the popularity of the Belfast-based Lagan Boat Company's Titanic Tours.
Enthusiasts from every walk of life hop on to the company's "fully weatherproof" boat to enjoy an hour long trip during which they catch a tantalising glimpse of where the Titanic took shape.
The course set by the boat tour unwittingly maps the city's economic past.
It gives passengers an opportunity to delve into the city's past glories but it also gives them a sneak preview of what the future might hold.
It begins from Donegall Quay just minutes away from Belfast's newly transformed and bustling city centre.
Passengers embarking on the Titanic Boat Tour cannot fail to notice the impact that a £30 million development project is having on the quay.
The project, which aims to revitalise the area, will give birth to the North's tallest building - the Obel - a landmark development which will consist among other things of a 26-storey glass encrusted residential tower.
As they embark on the tour they are flanked on one side by the historic Belfast Customs House, which dates from 1854, while the glass dome of the new Victoria Square shopping development dominates the landscape from the other.
When the boat tour leaves Belfast's commercial heart it moves into the deep waters of the city's rich industrial heritage.
Here it can eavesdrop on the silent ghosts which linger near the docks around the Harland and Wolff shipyard and imagine what it was like when 30,000 people were employed there.
The highlight of the tour is when it stops briefly near the point where the Titanic was first launched at 12.13pm on May 31st, 1911.
Harland and Wolff is no longer Belfast's economic powerhouse but its offspring - the 185-acre Titanic Quarter - is bringing new life and economic potential to the east of the city again.
According to the Mayor of New York City Michael Bloomberg it "could to do for Belfast what the International Financial Services Centre has done for Dublin".
It is predicted that up to 20,000 jobs could be created over 15 years in the Titanic Quarter which is also home to the Northern Ireland Science Park.
Sitting in a boat in the water just beside the Titanic Quarter provides an opportunity to see how that potential new economic future is emerging.
But it also provides a reminder of how vulnerable it is to certain economic currents.
The Titanic Quarter - and the Science Park in particular - was one of the areas showcased to potential investors by the North's Executive during the recent US:NI Investment Conference.
It offers the perfect opportunity for hi-tech companies to capitalise on the very latest research coming out of the North's two universities.
The American financial services giant Citigroup already has a major operation in the Science Park. In July it announced plans to boost its employment in the North to more than 850 people.
The North's investment agencies had hoped the US:NI Investment Conference in May would encourage other potential investors to follow in Citigroup's footsteps.
But the recent turmoil in global financial markets and the continuing uncertainty has put investment decisions by large multinationals, particularly US companies, on hold indefinitely.
According to the North's Economy Minister, Arlene Foster, there is still much hard work being done behind the scenes to develop opportunities identified at the conference.
She believes the conference will deliver results in the long-term by attracting new investors to locate in the North, but she said there is unlikely to be any overnight successes.
The Minister said Northern Ireland agencies are specifically chasing 40 opportunities from the conference at this time.
She does not believe the current political impasse at Stormont will deter potential US investors from locating in the North.
Her views are shared by at least one current American investor - David Scott who is the president and chief executive of 3PAR.
The utility storage provider has a research and development centre and an engineering operation in Belfast.
Scott, who played a key role in the US:NI Investment Conference in Belfast, said he remains convinced about the North as an investment location despite the local political deadlock.
"The last time I was in Northern Ireland I sensed that there was an understanding between the political parties that they were moving forward and there was no way back.
"I believe they have the capacity to overcome any current disagreement.
"I would be very optimistic because I think politicians from all sides of the political spectrum are extremely dedicated to seeking new inward investment for Northern Ireland and are extremely supportive of people like us who come in to Northern Ireland."
He says the North still stands a good chance of recruiting new US investors despite the global economic crisis because it can offer "attractive operational costs".
The trip back on a Titanic Boat Tour from the heydays of the Harland and Wolff shipyard to the present day on the Lagan Weir in Belfast can often be choppy.
But it is going to be nothing compared to the storm which lies ahead for the local economy if the Northern Ireland Executive do not find a way to sail around their own particular iceberg.
