Northern Ireland can benefit from a closer relationship with the Republic, its Finance Minister Peter Robinson told a function in Dublin tonight.
The DUP deputy leader said the new environment could transform the economic prospects during an address to the Society of Chartered Surveyors.
His visit followed the Northern Executive's agreement of a draft budget and programme of government in the next year and an investment strategy designed to bring about a range of infrastructure improvements.
Mr Robinson said: "In Northern Ireland we are entering a more optimistic and promising era. There is enormous potential for Northern Ireland to benefit from a new peaceful situation liberated from the bad old days.
"For the first time in decades the people of Northern Ireland can look forward with a realistic prospect of long-term peace and a stable society.
"We are ideally positioned and can combine the benefits of a closer working relationship with the Republic of Ireland and playing a full part in the UK economy."
More affordable houses, better roads, railways and improved communications are among the goals of the new Executive.
"It used to be the case that you could tell you had crossed the border southwards when the roads deteriorated, sadly for us in Northern Ireland that position has reversed.
"These infrastructure deficiencies limit our capacity for further development," Mr Robinson added.