One of Northern Ireland's most senior academics has been appointed chairman of a new government agency that will spearhead economic development in the North.

Prof Fabian Monds, emeritus professor of information systems at the University of Ulster, has been appointed shadow chairman of Invest Northern Ireland by Sir Reg Empey, the North's Minister of Enterprise, Trade and Investment.

The new agency will bring together a number of economic development agencies under one roof for the first time in Northern Ireland and will have a staff of more than 600 people and a budget exceeding £200 million sterling (€326 million).

Sir Reg said Prof Monds had been chosen to chair the new body, which will come into existence early next year, because of his reputation among the North's business and academic communities.

Prof Monds is a founding partner of two companies in Northern Ireland, Lisburnbased Medical and Scientific Computer Services, and WesternConnect, which is based in Derry.

Sir Reg said: "He will bring to the job of chairman a wealth of experience, together with the knowledge and understanding of the world economy."

Seven of the North's key business and industrial leaders have also been chosen to form a shadow board to support Prof Monds as final plans are drawn up for Invest Northern Ireland.