Britain's largest life insurance company, Prudential, is investing £7.25 million sterling to expand its customer services centre in Belfast, creating 403 new jobs.

The announcement was made yesterday by the Northern Secretary, Dr Mo Mowlam. The project is being assisted by the Industrial Development Board.

Dr Mowlam said: "This is a strategically important investment by a major `blue chip' corporation and is a significant boost to the fast growing financial and customer services sector here.

This investment is a tremendous endorsement of Northern Ireland as an excellent business location and demonstrates the confidence which this global institution has in its people."

"While the negotiations for this particular investment, of course, were finalised before the (peace) agreement, they were no doubt influenced by progress that has been made here in recent months."

Dr Mowlam expressed confidence that the agreement had the potential to encourage many other companies in the North bring forward expansion plans.

"Peace and stability, I am convinced, will prove a powerful magnet for corporations seeking a base within the huge European market. Northern Ireland, of course, has long offered established and potential investors a really great deal. Peace and stability, now genuinely within our grasp for the first time in 30 years, gives us an unprecedented opportunity.

"The creation of well-paid, quality jobs, offering a high degree of training, helps to strengthen the local economy and assist the government's efforts to secure a more prosperous future for everyone in Northern Ireland."