Belfast has lost out on new investment and potential jobs because the current planning process in Northern Ireland is discouraging developers, Laganside Corporation has said.

The publicly funded body, which has helped attract £620 million sterling (#1,016 million) worth of investment to Belfast in the last 10 years, is warning that future investment could be at risk because of lengthy delays in the planning system.

The corporation, which is funded by the Department for Social Development, and receives grants from the European Regional Development Fund, has helped transform previously disadvantaged areas of Belfast into some of the most sought-after addresses in the city.

Past successes include Lanyon Place, home to the Waterfront Hall, Clarendon Dock, where Tesco has its Northern Ireland headquarters and the Gasworks site.

Mr Mike Smith, chief executive of Laganside Corporation, said the planning process in Northern Ireland is creating unnecessary barriers to investment in the city.

"We have had experience of a number of sites where developers were not prepared to invest because of the delays in the planning process.

"This is disappointing because we can have someone lined up who would have been prepared to invest."

A new metropolitan plan is currently being drawn up for the city of Belfast, which will establish new guidelines and restrictions for planners in the future.

All future developments in the city will be guided by the metropolitan plan but organisations such as Laganside fear that the current planning system could become further backlogged before the plan comes into force.

"Our concern is that the timescale for Belfast metropolitan plan is three years and demand from developers is there at the moment. In this situation, demand can be fickle.

"We need to get our act together as Belfast plc; it is right that planning matters should be taken into consideration but we need to see the bigger picture as well and not set up barriers which will discourage investment," he warned.

Mr Smith believes that unless the issue is addressed the city will lose out.

"We are getting sites ready which can be delivered in a relatively quick timescale but if there are delays caused by the planning process then that does dilute investment interest," he warned.