The First and Deputy First Ministers met with the Governor of Maryland Martin O’Malley in Washington DC.

As well as holding trade talks, the Northern Ireland leaders were interested in O’Malley’s renowned CitiStat system.

It is a complex programme which uses detailed analysis including surveys, public service performance results and departmental spending statistics, consumer trends and trends in demographics and public demand to calculate more cost-effective ways of controlling government expenditure.

CitiStat has saved Baltimore, where Mr O’Malley was mayor, hundreds of millions of dollars and has been piloted in other US states while also currently being road-tested by the Scottish Executive.

When leaving office, Mr O’Malley, with the assistance of CitiStat, had created a $38 million budget surplus in city finances.

After the O’Malley meeting, Mr Robinson and Mr McGuinness last night launched a joint bid to counter the credit crunch in the Province at a dinner for 500 key American business and political figures.

The pair addressed the Fortune 500 event in Washington – and despite the gloomy economic climate, told some of the largest and most profitable companies in the US that Northern Ireland is still open for business.

They insisted, in a follow-up to this year’s US Investment Conference in Belfast, that unique and cost-effective opportunities exist in the Province for wily entrepreneurs.

Mr Robinson said: “Northern Ireland remains open and ready for business. The Executive is committed to growing our economy and to offering an open and welcoming environment for inward investment.

“I firmly believe that Northern Ireland offers a range of specialist and niche skills that investors can take advantage of.

“Northern Ireland is an economy in transition. We are aware of the challenges we face but we will face them and ensure Northern Ireland’s place in the world.”

Mr McGuinness said: “Not only are we open and ready for business, we have the skills and location to build business.

“One of our greatest assets is our skills base. Potential investors will find a highly skilled workforce proven in our history of engineering and in our expertise in emerging technologies.”

The OFMDFM delegation today moves on to New York for further political and economic talks.

There will be meetings with Mayor Michael Bloomberg and New York City Comptroller William C Thompson Jnr among others.