Northern Ireland's First Minister and deputy First Minister have held talks with the Institute of Directors (IoD) to discuss a joint approach between the government and private sector - aimed at tackling the current economic downturn.

Messrs Robinson and McGuinness met with IoD UK Director General Miles Templeman along with local IoD Chairman Joanne Stuart and Divisional Director Linda Brown.

The First Minister said: "The economy is in a difficult period with the credit squeeze from financial institutions, high food and energy prices and falling house prices impacting on local businesses, consumers and the construction sector.

"These are challenging times for all of us and I welcome this opportunity to meet with the Institute of Directors and to hear more about how directors of companies are fairing in these difficult times.

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"We will consider what we, as an Executive, need to do not only to ensure that our top priority of growing a dynamic and innovative economy is maintained but that we can also help those who locally are in most need."

Deputy First Minister McGuinness said: "With the current global financial problems and rising commodity prices, it is more important than ever that we deliver on the commitments laid down in our Programme for Government.

"We, as political leaders need to minimise the negative impact to businesses in this current financial climate.

"Whilst our overarching aim is to grow a dynamic and innovative economy, we also need to invest in our infrastructure, protect and enhance the environment, deliver high quality and efficient services as well as promoting tolerance, inclusion, health and well being."

The Ministers have already met with senior local representatives of the main financial institutions and also plan to meet with various sectoral groups, including the construction industry, energy providers, regulators, Trade Unions and the Social and Voluntary sector, to discuss the implications of the current economic slowdown.

(PR/JM)