Northern Ireland can "once again become a world leader" in business, outgoing First Minister Ian Paisley has said.
Mr Paisley told the CBI's annual dinner that since last May's restoration of devolution, the foundations had been laid for a strong economy.
He said he was pleased Northern Ireland was "out of the economic wilderness".
"It is not making daily newspaper headlines across the world and its communities are not ridden with fear, anxiety and suspicion," he said.
"The Ulster we have today, and which I have led since May 2007, has already travelled many miles beyond that crossroads.
"Yes, it has been a long journey - I have walked every step of it.
"Northern Ireland is no longer in the valley of despair"
"Yes, we must remember the past, but we must also focus on the future, and the executive is doing just that."
Mr Paisley will step down next month as first minister after a major investment conference aimed at US businessmen.
He told the gathering of business leaders he believed the conference would showcase Northern Ireland's potential as an economic powerhouse.
"Northern Ireland, which once had the largest ship-building works in the world, the largest rope-works in the world, the largest linen manufacturing in the world, and still has a large aircraft manufacturing works, has the potential to become a world leader once again.
"It has had a far-reaching tradition of businesses and has excelled in innovation. Working with you and others, we believe we can do it again."
He said devolved government was already paying dividends.
"Initiatives such as reducing taxes on businesses and showcasing Northern Ireland around the world would never have come from a direct rule administration staffed by MPs representing mainland constituencies, and who had no personal stake in seeing Ulster succeed in the way that we do.
"Recent announcements concerning the creation of jobs demonstrate that Northern Ireland/Republic of Ireland practical co-operation based on mutual benefit is now the defining characteristic of how we interact with our nearest neighbour.
"Northern Ireland is no longer in the valley of despair."
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