The new Minister of Trade, Industry and Investment, Sir Reg Empey, has announced the joint participation of firms from Northern Ireland and the Republic at a European business summit in Helsinki, Finland.

The Forum, a European Union initiative entitled "Benchmarking for Performance", aims to promote economic progress through the development of individual companies. Describing the joint participation as a "timely demonstration of the developing cross-Border co-operation", Sir Reg said joint initiatives such as these would help businesses to compete more effectively in a global marketplace.

"First-hand accounts from senior managers about the commitment of our companies to business excellence through improvement techniques, such as bench marking, help win further business and support the drive to attract new investors," he added.

At a business conference in Belfast yesterday, Sir Reg stressed the importance of small businesses in the overall performance of the economy. "We must harness their dynamism and build for the future. The Northern Ireland small business sector has undergone significant change within the last decade. Small businesses have been net creators of jobs throughout the 1990s and their contribution to the local economy continues to increase."

He also announced a new Industrial Development Board-backed investment by a Japanese-owned company, TK-ECC, at Dundonald just outside Belfast.

The company is investing £12 million sterling to improve quality, delivery and customer-focused services to several European car manufacturers.