Businesses in Northern Ireland and the Republic are to get the opportunity to tap into the next generation of talented graduates from North and South thanks to a new pilot scheme that has been introduced by IntertradeIreland.

The cross-Border trade and business development body is pioneering an all-island initiative to promote business growth through new relationships between businesses and third-level education.

The "All-Island Knowledge Transfer Initiative" aims to improve the transfer of skills and knowledge from universities and colleges to companies.

Ms Catherine Regan, who is the operations director of Inter trade Ireland, said: "We have many young and promising local graduates who have enormous potential to stimulate businesses to grow and develop.

"This scheme allows small to medium-size enterprises to tap into and benefit from that fresh talent."

The programme will initially focus on five business sectors where increased knowledge and technology transfer is particularly important.

According to IntertradeIreland 12 colleges North and South - such as Queen's University Belfast, University College Dublin - have signed up to take part in the programme.

According to Mr Liam Nellis, the chief executive of Inter trade Ireland, the pilot scheme will answer a "real economic need". Mr Nellis said: "There is a realisation that the small to medium-size enterprise is facing supply constraints in the labour market and that it needs to attract skilled graduates.

"The programme addresses that need and is a real opportunity for small businesses."