Fledgling economic development agency Invest NI attracted new investment worth £422 million (€594.8 million) to the North last year, according to figures released yesterday.

Invest NI's statement for the 12 months ending in March shows that the agency itself topped up the new investments with £138 million in support.

The majority of the new projects were instigated by existing Invest NI client companies, which injected £400 million in funds. The remaining £22 million was spread over 10 new inward investment projects.

The agency, which took over its development function from the Industrial Development Board in April last year, also agreed 315 private-sector research and development projects worth £38 million and assisted 2,141 new business start-ups.

Invest NI chairman Mr Fabian Monds said the body's contribution to the North's economy over the past year had been "considerable". He said Invest NI's work had accelerated development in the North and had helped to increase competitiveness.

Looking forward to the coming year, the agency has set a target of stimulating new development projects worth £215 million within local firms as well as attracting 11 new inward investment projects. Invest NI also plans to encourage research and development initiatives worth £20 million and to achieve a 5 per cent increase in the number of companies undertaking commercial research. It expects to assist 1,620 new business start-ups.