THE NORTH'S economy is to benefit from a vital £250 million (€298.3 million) injection thanks to a decisive move by the Northern Ireland Executive to back significant capital investment projects.
Political leaders in the North met yesterday at Stormont to "discuss and develop proposals" aimed at stimulating the economy and safeguarding jobs.
Politicians from across the political spectrum agreed to give the green light to a number of major initiatives which will deliver significant investment on the ground in the North.
One of the first schemes to benefit from the Executive's return to government after a five-month hiatus will be the Titanic Signature Project in Belfast. The Executive has agreed to contribute £43.5 million towards the cost of the £97 million development.
The aim is to create a Titanic-themed visitors' centre which would include a Titanic Experience exhibition and a "Flying Theatre" in the Titanic Quarter in east Belfast. The remainder of the cost of the project will have to be met by Titanic Quarter Ltd, Belfast City Council and Belfast Harbour Commissioners.
The North's Economy Minister Arlene Foster said work on the project is likely to start in January and will create hundreds of construction jobs. "At a time when the Northern Ireland construction industry is under significant pressure, this project will deliver a much needed boost to the sector.
"At the project's peak there will be some 600 workers on site. And that is without counting the additional benefits created through indirect and induced employment, which the Royal Institution of Chartered Surveyors estimate at two additional jobs for every construction job created," she said.
The North's Executive also gave the go-ahead yesterday to proposals to create a rapid transit system in Belfast. The £150 million project is a key priority in the Executive's programme for government.
Transport Minister Conor Murphy said the development of the bus-based system would be a major boost to the local economy because it would create jobs for engineers, construction workers and eventually transit operators.
The Minister said the detailed design stage of the scheme will begin immediately. Construction work on the system is not expected to begin until 2011.
The Executive hopes capital investment projects such as the Titanic Signature Project and the rapid transit system will not only give the construction industry an important boost, but also Northern Ireland's long term economic prospects.
