FORWARD THINKING is the key to getting the North’s economy back on its feet and back into growth, according to the chairman of one of Northern Ireland’s largest business bodies.

Joanne Stuart, chairman of the Institute of Directors, believes companies in the North must realise that the key to creating competitive advantage is understanding change. She said many companies disregard the need to think about what lies ahead – which is a path to disaster.

Speaking to 400 business and public sector figures at the IoD’s annual dinner in Belfast last night Ms Stuart urged companies in the North to embrace forward thinking and innovation.

“If we are to achieve our fundamental goal of rebalancing the Northern Ireland economy two things need to happen – first we need a stronger private sector and second we need a more efficient public sector.” She said while it was true that the North’s imbalance towards the public sector could shield it from the worst of the recession, the UK government was still building up unparalleled levels of debt.

Ms Stuart also said that if Northern Ireland did not lessen its reliance on the public its climb out of recession would be much more difficult.

“One key to unlocking private sector growth is for companies to understand the external environment and what the future holds – not only for themselves but also their customers,” she urged.

She said both businesses in the North and local politicians had a shared responsibility to embrace forward thinking in order to help build a dynamic economy.

Ms Stuart called on the Northern Ireland Executive to do all it can to assist in the short term and keep a clear focus on the longer term goals for the economy.