Watch the full debate from the assembly: From Democracy Live
A Stormont motion to have the north west declared an area of special economic need has been rejected by assembly members.
The debate, which called on the ministers for trade and employment to make special economic provision for the north west, was tabled by Sinn Fein.
Martina Anderson argued the north west needed more financial assistance.
But, UUP MLA Leslie Cree said the proposal would undermine the north west's economic future.
Ms Anderson called on Stormont to make an official commitment to redressing regional inequalities.
"We're not proposing anything revolutionary here.
"We want a programme for government commitment to redress regional disparities.
"Plans and commitments are already in place for the expansion of Magee, but we need the political will to make it happen and we need actual assistance from the enterprise minister to make it achievable," she said.
"All we are doing is simply following examples of best practice that have been seen elsewhere."
But Leslie Cree said the move would be counter-productive.
"There is clear evidence that the north west is suffering economically, but the question we must ask is whether declaring the north west an area of special economic need will deliver the results we all wish to see.
"I believe the answer is that it would not.
"Londonderry and the north west have a key role to play in the future of Northern Ireland PLC, and this would only be undermined by hiving the north west off from the rest of us," he said.
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