Invest NI, the North's regional business development agency, has been set ambitious new targets which include the creation of 4,000 to 6,000 jobs in 2016-2017 by the Northern Ireland Executive, the Economy Minister has announced.

The agency published its end of year results on Monday which showed that over the period 2015-2016 it had helped “promote” 5,500 jobs against a target of 4,000.

Economy Minister Simon Hamilton said these jobs will "secure £341 million of employment related investment" for the Northern Ireland economy "against a target of £220 million" once all of the jobs are in place.

The figures were published as a Dublin-headquartered telco firm, Codec-dss, became the North’s latest inward investor.

Codec-dss has confirmed its plans to establish a new office in Northern Ireland to grow its business in the UK market. The firm, which employs 120 people, intends to create 10 jobs in the North.

Mr Hamilton has welcomed Invest NI’s latest end of year results.

He said: “This is a positive outturn when you consider that responsibility for local business starts has transferred to the new council structures and Invest NI is no longer able to support job creation as part of large company expansions.

“Investment in research and development, and wider innovation, is also crucial to meeting the ever changing needs of the customer. Invest NI support helped secure £70 million of investment in research and development in 2015-2016, surpassing the target by 55 per cent.”.

In the last five years Invest NI has helped businesses create and pledge to create nearly nearly 42,500 jobs which is a 39 per cent increase on the previous five years, and 70 per cent over the original Executive target in the last Programme for Government of 25,000 new jobs.

Mr Hamilton said the latest results are a solid basis for the North to build on in advance of the introduction of a new rate of corporation tax.

“While the Executive finalises the detail around the new Programme for Government, an interim set of targets has been agreed for Invest NI which will provide focus to its work to support business and economic growth.

“These targets include stimulating employment opportunities by supporting businesses with projects that will promote between 4,000 and 6,000 new jobs. Between 2,600 and 3,200 of these jobs are to be from indigenous business growth,” he added.