BELFAST BRIEFING:The North will hope Bill Clinton can work some investor magic on the region's economic woes, writes FRANCESS McDONNELL

THERE IS nothing like the promise of investment dollars to send a shiver of excitement down the spineless Northern Ireland economy.

Particularly when the promise in question could be delivered by a former United States president and one who is known to have a soft spot for the region and all its economic troubles – past and present.

With nothing on the horizon but more job losses, rising unemployment and impending public spending cuts, the North is set to welcome Bill Clinton back this week with open arms.

His return visit may on the surface have little to do with the local economy but Clinton touches down as the countdown gets under way to the Northern Ireland Investment Conference that his wife Hillary will host next month in Washington.

The organisers claim it will be a “highly targeted initiative” that will bring the leaders of US companies already operating in the North face to face with potential investors.

There is going to be no shortage of local politicians attending the event. First Minister Peter Robinson, Deputy First Minister Martin McGuinness, Minister for Enterprise, Trade and Investment Arlene Foster and Minister for Employment Sir Reg Empey are scheduled to attend.

Clinton’s visit is in a way the warm-up act for the conference.

He will help remind any American companies that Northern Ireland is still waiting expectantly across the Atlantic for millions of US investment dollars.

The message that Northern Ireland is open for investment is one that American corporations must be getting truly weary of and one that Clinton is practised in delivering.

During his first visit 15 years ago Clinton spoke of the economic rewards of peace. Then he spoke about falling unemployment, new investment and booming tourist numbers in 1995.

Standing in the heart of west Belfast in a textile machinery plant, he was a powerful symbol of hope and inspiration.

Clinton’s pledge that America would “encourage trade and investment” and “help end the cycle of unemployment” was taken to heart.

On each of his subsequent visits the former president has always advanced a strong argument about why US firms should continue to invest in the North.

Many companies, such as All State, CitiBank, the New York Stock Exchange and the likes of Q1 Labs have taken that message on board and invested millions while creating hundreds of jobs.

Invest Northern Ireland is edging its way to having secured nearly 100 US investors to locate in the North. But despite many successes there have been disappointments for the North when it comes to the US.

There has for example never been any sign of the €150 million that four New York City pension funds promised to invest via the Emerald Infrastructure Investment Fund.

Some US investors, such as Seagate and Caterpillar who have suffered in the global economic downturn, have actually pulled investment and jobs out of Northern Ireland.

But there is no reason to assume that Clinton will not be as supportive about why the North makes a good business project when he visits this week.

He will, however, deliver his pitch in a different environment compared to his previous visits.

For a start, even if Clinton wanted to return to Mackie International – the textile machinery plant where he delivered his inspirational address 15 years ago – it would not be possible.

Mackie closed more than a decade ago and the economic environment is in a much more difficult and depressed state than it was in the early days of the peace process.

Unemployment has risen to 57,800 – back to the level it was when the Belfast Agreement was signed in 1998.

But that is not to say there are not some shining examples of hope and blossoming entrepreneurs that would make even Bill Clinton proud.

The University of Ulster spinoff LenisAer – which was founded by entrepreneurs Michael Ludlow, Edel O’Neill, Sean Nelson and Alan Leacock – shows just what local people can achieve and without a single cent of US investment.

LenisAer, which specialises in the construction of improved fuel efficient, emission-reducing engine nacelles for the aerospace industry, recently won the Northern Ireland Science Park Connect £25,000 Award.

It is early days for the start-up but it has lofty ambitions.

Clinton once said “nothing big ever came of being small”.

Perhaps if he cannot bring investment dollars this time around he could just impart a little of his famous inspiration, that in itself could be priceless for the economy.