Top-level talks have been held in Belfast to discuss Northern Ireland's economic climate, amid a global financial slowdown.

The Economic Development Forum was chaired by Enterprise Minister Arlene Foster.

Ms Foster, addressing delegates, said she recognised the challenges faced by Northern Ireland businesses, particularly soaring energy prices and falling demand in key markets, such as the Republic of Ireland, Great Britain and the United States.

The Minister suggested these factors were having an inevitable impact on business confidence and investment.

Despite this, findings from a Oxford University Report, commissioned by the Department of Enterprise, have hinted at a possible growth in the Northern Ireland economy from 2008 to 2009.

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Albeit a smaller rate of growth than previous years, Ms Foster has welcomed the forecast.

"I am encouraged that the Northern Ireland economy is forecast to grow in 2008 and 2009, though with much lower predicted growth than in previous years," she said.

The Minister suggested the report had highlighted the Executive's pledge to make the economy its top priority.

However, Ms Foster stressed: "Our goals are now more challenging than ever, and members of the forum need to co-ordinate efforts to help businesses through the present difficulties."

The Minister also commended a number of Invest NI initiatives designed to help local firms 'weather the financial storm'.

"The current economic slowdown is making business activity, particularly in export markets, more difficult than it has been in many years.

"Through a combination of short-term, expedient measures, coupled with a sustained commitment to the Executive’s longer term goals, we can be in a good position to take advantage of the upturn in the national and global economies," added Ms Foster.

(PR/JM)