Derry's famous walls may be one of the city's most popular tourist attractions but they are far from being a symbol of the city's ambitions, according to local business leaders.

Once Derry - as the only completely walled city in Ireland - sent a clear signal to unwelcome visitors; today there is a very different message, most strongly directed at potential investors.

If the north-west region is to keep pace with its growing population then it must create 8,000 jobs over the next five years. To achieve this level of job creation new investment, particularly new inward investors, will have to be wooed to Northern Ireland's second city after Belfast.

According to seasoned campaigners such as the president of the Derry Chamber of Commerce, Mr Alan McClure, there is no reason why the north-west cannot give the North's metropolis a run for its money. "Derry has been transformed in recent years into a vibrant city, but there is a lot of work to be done. We still have the highest rate of unemployment in Northern Ireland and the Republic but we have faced up to that reality and we know what needs to be done to address it," Mr McClure said.

The region, like many others in the North, has suffered from the sharp decline in the textile sector. Derry's unofficial reputation as the capital of shirt making in the West reflects how important a role the sector played in the local economy.

But closure after closure has reduced this sector in the north-west to a handful of key operators and although locally owned companies such as Desmonds continue to be a major employer, they are the exception rather than the norm.

"Our traditional industries have changed, many of the older companies are no longer with us but we have new opportunities in Derry which we did not have before and a lot of them are coming through because of the investment that has been made in education in the north-west," Mr McClure added.

This pool of available labour is one reason why Mr McClure's company has invested and continues to invest in Derry. He is worldwide president and chief executive officer of Perfecseal, a medical packaging division of the Bemis Corporation, one of America's Fortune 500 companies.

The packaging group recently invested £8.4 million sterling (€13.6 million) in a new research and development facility in Derry and employs close to 200 people.

Mr McClure believes one of the region's strengths is its approach to partnership - both from a commercial and political perspective. "Look at how the issue of marching has been addressed in Derry and how eager we have all been to encourage people to talk about the issues to reach a satisfactory agreement then that really is a breakthrough for the city," Mr McClure added.

He said nobody could guarantee there would not be violent incidents but he believes encouraging people to discuss the situation can help prevent outbreaks of unrest that have been seen in various parts of Belfast in recent weeks. "I think that it is great that people in the north-west can respect each other and that is what it comes down to - respect.

This partnership approach has been extended by Derry Chamber of Commerce to sister chambers in the Republic. Derry Chamber has joined forces with six other chambers in Northern Ireland and the Republic to create the North-West Chambers of Commerce Initiative, which aims to promote and campaign for the region.

The initiative is non-political and its chief objective, according to Mr McClure, is to stimulate the revival of the north-west of Ireland. A key concern is that a lack of commitment from the Irish and British governments to the region could derail the north-west's future economic ambitions.

"The North-West Chambers of Commerce Initiative is a private sector-led programme to attract investment and boost the prosperity of the north-west but we feel there are serious deficiencies in the northwest's infrastructure that both governments must address.

"It is not about one side of the Border benefiting over the other anymore, it is about partnership because what is good for the south is also good for the North side," Mr McClure added.

He said key issues such as bringing a supply of natural gas to the north-west and road infrastructure could no longer be ignored.

"If we are serious about attracting new investment then both Governments must address the question of need and the sub-standard levels of investment by them to date," Mr McClure said.