BELFAST BRIEFING:JUST IN case potential investors are in any doubt about the reaction they might get if they venture to Belfast, the city has come up with a cunning plan to reassure them that it is the place to be at the moment.

Belfast City Council appears to be suggesting that concerns about the local economy, soaring energy prices and the general slowdown in consumer spending should be temporarily suspended. Instead it is urging potential investors to concentrate in a rather Zen-like fashion on a large heartshaped "B" logo, which is being unveiled across the city this week.

The rather fetching logo is part of a new brand identity which has been designed to help market Belfast to the growing numbers of international visitors and potential investors.

The logo, accompanied by a series of messages such as "be welcome", "be part of it" and "be vibrant", is designed to promote the city's newfound confidence.

Belfast appears to have finally shaken off its image as a city under siege from warring communities, and it wants to capitalise on the opportunities that now exist.

The B logo is about telling potential investors that Belfast has put its troubled history behind it and, while there may still be a few hiccups to overcome in the future, a new agenda is at work. Attracting investment and creating a good environment for businesses to flourish is at the top of that agenda.

Whether a heartshaped B logo staring down from every corner of the city reinforces that message is up to investors to decide.

It does, however, symbolise one thing: Belfast is moving on.

In the not-so-distant past, many businesses and companies in the North dreaded the month of July - none more so than in Belfast, where the city centre became a ghost town during certain days of the month.

But life has changed dramatically for a city which now boasts a DUP First Minister and a Sinn Féin Deputy First Minister and House of Fraser as one of its leading stores.

The fact that you can buy any number of pairs of designer shoes or sip an expensive cappuccino in the fashionable surroundings of

a new multimillion-pound shopping centre shows just how far Belfast has come in the past decade.

But no amount of shopping centres will solve the underlying issues that need to be addressed to create a vibrant, sustainable economy both in Belfast and across the North as a whole.

In fact, if one of Northern Ireland's largest banks is to be believed, the last thing people need is more opportunities to spend money.

According to a survey commissioned by Northern Bank, almost half of the adult population in the North spent more every month than they earned in the past six months.

However, new developments such as Victoria Square and the emerging Titanic Quarter reflect the growing optimism about the city and about Northern Ireland's potential - both at home and abroad.

Research from one of the UK's largest accounting groups supports the air of optimism. According to UHY Hacker Young, Belfast has been one of the fastest-growing cities in the UK over the past 10 years.

Indeed, a report from the group suggests Belfast has enjoyed a 99 per cent increase in its gross value added (GVA).

GVA is the method used to calculate the value of goods and services produced in Northern Ireland to measure its contribution to the overall UK economy. Belfast's current GVA puts it in third place in the league table of the UK's strongest economies.

Belfast has a GVA of £26,792 (€33,885) per capita per year, putting it just behind London, which has a GVA of £27,672, and top-ranking Edinburgh, which has a GVA of £28,432.

What the statistics really mean is that Belfast has dragged itself up from a standstill position and overcome both the legacy of the Troubles and its inherent regional weaknesses to make something of itself.

Howard Spencer, chairman of UHY Hacker Young, points to the IRA ceasefire and the Belfast Agreement as the key drivers behind the city's changing fortunes.

He says there has been an increase in investor confidence

in the city, which in turn has enabled Belfast to commit to largescale regeneration projects such as the Titanic Quarter development.

"Belfast's ability to capitalise on the growing trends in the service and knowledge economy has done the rest in propelling the city among the most prosperous areas of the UK," says Spencer.

According to UHY Hacker Young, Belfast's large pool of highly-educated young people has helped woo a large number of investors.

It claims that this talent pool, combined with a competitive commercial property sector and a good telecoms and infrastructure background, have proved to be a winning formula for Belfast in recent years.

UHY Hacker Young's latest research also highlights how the city has developed its biotechnology and IT sectors to its advantage - they have earned Belfast an international reputation in innovative research and product development.

The message this latest research sends out to potential investors is a powerful one. Perhaps it is time for them to bypass options A and C and go straight to B, for Belfast.