Decommissioning of IRA weapons will deliver a much-needed confidence boost to Northern Ireland businesses that have had to operate in a climate of political instability and global uncertainty, according to industry leaders.
Business institutions believe the decommissioning breakthrough will help to bolster the North's economy, which they warn is under severe pressure as a result of the global economic downturn.
Mr Timothy Quin, president of the Northern Ireland Chamber of Commerce, said the business community was immensely relieved by the moves to disarm and by the response of political parties in the North.
"We have been crying out for some time for two things; peace and political stability.
"We can now say that we have started the process towards political stability but we cannot claim to have peace, not while there are still pipe bombs exploding in north Belfast and while we have the scenario at Holy Cross Primary School," Mr Quin said.
He said business now wanted to see politicians in the North constructively addressing the continuing problems of "faction fighting" in areas such as Portadown and north Belfast.
"Business people will be heartened by the moves to decommission but we are very aware that we are facing all sorts of difficulties posed by the threat of a world recession.
"Nobody can feel euphoric about developments in Northern Ireland against the backdrop of too many uncertain horizons. But what is important for the business community is that we have a local Assembly to address our concerns to and who will respond to them," Mr Quin added.
According to Mr Stephen Kingon, managing partner of PricewaterhouseCoopers in Northern Ireland, the fact that a platform for political stability is now being built in the North is a significant step forward for the economy.
"Political instability would have presented Northern Ireland with yet another hurdle to climb over in an already difficult global setting," he said.
"These latest developments will lift business confidence but there are still global uncertainties which are causing short-term difficulties in Northern Ireland.
"The upside is we now hope that we do not have the double negative scenario of political instability to worry about. All our research shows the business community clearly believes the Northern Ireland Assembly is good for business," according to Mr Kingon.
There remain some concerns among industry leaders that political structures must be restored as quickly as possible in the North.
Mr Nigel Smyth, Northern Ireland director of the Confederation of British Industry, said decommissioning was a confidence-building measure but there were broader economic challenges to be addressed.
The CBI yesterday called for a half-point cut in British interest rates as its latest UK manufacturing survey showed that export prospects have slumped.
"Political stability is vital to the Northern Ireland economy and we do believe that devolved government has been effective but a lot of its potential remains untapped," Mr Smyth said.
"There is a new upbeat mood among the business community because we view the moves to decommission as something that can be built on to address the social and economic issues in Northern Ireland," he added.
