Mr Cowen will meet with British Prime Minister Gordon Brown to discuss progress made in the Northern Ireland peace process.
It is expected, like their predecessors, the two heads of government will confirm their commitment to the process.
But the British PM has made it clear to the Northern Ireland executive that there is no spare funding to bolster political stability.
Mr Brown has said the private sector, the province's largest employer, will have to take the lead role in improving living standards.
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Following their official meeting in Belfast, the British and Irish leaders will reconvene at Stormont to meet with outgoing-First Minister Ian Paisley and Deputy First Minister Martin McGuinness.
Mr Cowen and Mr Brown will also address the Northern Ireland Investment Conference, which is being attended by a range of top business people from the US.
Today's conference has been time-tabled to coincide with the first anniversary of power-sharing at the Northern Ireland devolved assembly.
The Taoiseach is expected to also meet with US Special Envoy Paula Dobriansky and New York City Mayor Mike Bloomberg.
Other American delegates at today's conference include New City Council's Speaker Christine Quinn, New York City Comptroller William Thompson and New York State Fiscal Officer Thomas DiNapoli.
At a time of falling pension fund values, New York has committed €150m for investment purposes in Northern Ireland.
(PR/JM)
