The Government must sanction a €53 million tourism and economic plan for Shannon in advance of the ending of the "Shannon stopover", the chief executive of Shannon Development said yesterday.

Kevin Thompstone, who was speaking at the launch of the agency's 2006 annual report, called for rapid implementation of the tourism and economic plan "while the opportunity is there".

The ending of the stopover is being phased in at the moment.

Figures released yesterday by the Shannon Airport Authority (SAA) for the first six months show a 5 per cent drop in transatlantic traffic following the withdrawal of American Airlines from the airport.

Newly appointed chairman of Shannon Development Cllr John Brassil (FF) said the indications were that the Government could make a decision on the plan before the end of the month.

Mr Thompstone said: "We don't want to miss the opportunity to get out there in the marketplace."

The chairman added that Shannon needed an annual marketing fund over five years of €4 to €5 million per annum.

The region was one of Ireland's best performing tourism regions in 2006, he said.

"The region recorded more than two million Irish and international visitors last year, which included strong growth from the UK and from Europe," Mr Thompstone said.

He pointed to a 20 per cent uplift in international visitor numbers.

Shannon Development companies reported a net increase of 575 jobs for last year, although firms in the Shannon Free Zone, which employ 7,188 people, recorded a net increase of just three posts.

The overall number of jobs created in Shannon Development assisted companies in 2006 was 2,087, bringing total employment to 20,530 in companies in the Shannon region.

The Shannon Development accounts also show that the company recorded a surplus of €611,000 in 2006 compared to an operating loss of €10 million in 2005.

The surplus occurred principally through the sale of assets for €14 million.