Amid widespread welcome for the Executive’s decision to fund the £97 million Titanic project with £40 million of public money, politicians and business leaders said that the scheme had the potential to reinvigorate Belfast far beyond the east Belfast location of the building work.

The co-promoters of Titanic Quarter, Belfast Harbour Commissioners and Titanic Quarter Ltd, who will contribute £40 million to the project, said that it would be a milestone in the city’s history.

Len O’Hagan, chairman of Belfast Harbour Commissioners said: “I think it defines where we are going – we are taking an iconic building which is going to be at the leading edge of architecture and technology and building that on the slipways where Titanic was built.

“It is highly symbolic and it is a new way of defining Belfast – when people think about Belfast they will think about Belfast harbour and the Titanic building just as we think about the Sydney Opera House when we think about Sydney.

“That will be important for Northern Ireland to make a new statement for itself.”

Mr O’Hagan said that the development would help attract investment from financial institutions and the creation of a Belfast financial district – despite the global economic crisis.

And he said that the benefits of the development would burst out beyond the bounds of Queen’s Island.

Mike Smith, chief executive of Titanic Quarter Ltd, said that the scheme would “put Belfast on the Titanic tourist map”.

“This is a great example of the private and public sector working together to deliver tangible and long-lasting economic benefits for Northern Ireland,” he said.

East Belfast DUP MLA Robin Newton said that it was “magnificent” news for the Province.

He added that as well as attracting tourists and creating jobs, the development would act as a catalyst for existing businesses and attract new investment to the city.

Alliance leader David Ford said that the Titanic project and E-Way rapid transport link were to be welcomed, but said that questions remained around the rapid transport system.

SDLP deputy leader Alasdair McDonnell said that the development would give a much needed New Year boost to the struggling construction industry.

Meanwhile, Belfast City Council is expected to agree a £10 million contribution to the project at a special council meeting on December 16.

Councillor Diane Dodds, chairman of the Strategic Policy and Resources Committee, said that the council had “already agreed in principle” to contribute the money.

“The council had to wait until the Executive made its decision and now that is in place we can proceed with our planned meeting in December.”

See Morning View, page 20