The Northern Ireland economy is "relatively buoyant" but statistics disguise historical and structural weaknesses which have to be addressed, Sir Reg Empey said today.
The Enterprise, Trade and Investment Minister told the Confederation of British Industry's (CBI) annual conference lunch outside Belfast there was a need for a new business mindset.
Given record employment and continued inward investment it would be easy to be complacent, Mr Empey said.
"We have to dig deeper and recognise that these high level figures disguise recognised historical and structural weaknesses in the economy which must be addressed," he added.
"For too long there had been over reliance on the so-called traditional sector and dependence on a few large, externally owned companies which accounted for a high proportion of exports and research and development."
"There was a need for greater innovation, an increase in the business start-up rate and full development of the tourism sector."
Mr Empey said: "I am determined that Northern Ireland will be a serious economic competitor in the age of the innovation-led, knowledge-driven and globally focused regional economy.
PA