A EUROPEAN business survey has identified Northern Ireland as one of three UK regions most likely to develop new markets.

The survey, which covered small and medium sized businesses found that Northern Ireland firms were more likely to acquire new companies and diversify their product range than those in Britain.

While businesses in the North are not particularly optimistic about growth in turnover they have relatively strong expectations for growth profitability, exports and investment.

But compared with firms in Britain they have little expectation of creating many new jobs.

Only half of Northern Ireland firms surveyed said they were confident of having enough money to carry out their plans for the future, compared to 75 per cent in Britain. The survey also found that companies in the North were prepared to offer the longest period of credit to customers, with a high proportion offering 90 days or more.