BELFAST BRIEFING:THE PRESIDENT of the United States could not have picked a better time to visit Northern Ireland as far as the North's chief inward investment agency is concerned.

It is more than a month since Belfast hosted the US/Northern Ireland Investment Conference and it is proving a difficult act to follow. The conference opened doors, created a nice feel-good factor, but the reality is that unemployment is continuing to climb in the US and inflation is soaring.

It is not exactly the climate to stimulate new overseas investment projects and, while there is still a significant amount of goodwill towards the North, it is not being translated into hard cash. The feedback from the conference continues to be positive and there are definite signs of interest but, as yet, there are no firm commitments.

It is not a setback as far as the economic development agency Invest NI or the Northern Ireland Executive is concerned - no one expected overnight results. But the global economic environment seems to be conspiring against the Northern Ireland Government's ambitious plans to create thousands of well-paid new jobs, and that in itself is becoming a major issue.

The other problem on the horizon for both Invest NI and the Executive is the fact that a number of potential new inward investors, which had signalled an interest in the North, are now putting some of their projects on hold, and several overseas companies that had virtually agreed inward investment projects in Northern Ireland have now decided to pull back on previous commitments.

It is understood that Government agencies believe these potential investors will not completely walk away from the North. But they have been informed that the global credit crunch and the slowdown in several economies have forced some organisations to put overseas investment projects on hold indefinitely.

So, if George Bush's visit once again puts the North back in the spotlight as far as corporate America is concerned, nobody will be complaining that his brief stopover in Belfast was more hassle than it was worth.

The North's new economy Minister Arlene Foster inherits the fruits of former Minister Nigel Dodds's efforts in trying to persuade US companies to look at Northern Ireland in a different light. While he was economy Minister, Dodds took part in a number of high- profile missions to promote new investment opportunities in the North. But he was also very keen to encourage Northern Ireland firms to seek new business opportunities in the American marketplace.

One company that has succeeded in making the right impression in the US, and can even boast a brush with Hollywood glamour, is Ulster Carpet Mills. The Portadown-based company has manufactured carpets for some of the US's leading luxury hotels, including the Mirage, the MGM and the Bellagio in Las Vegas which featured in the recent film Oceans Eleven.

There are several scenes in the film where Ulster Carpet Mills finest work is proudly on display.

The company is one of the last remaining big names in the North's once flourishing textile sector. It has not escaped completely unscathed. There were significant job losses in the past at Ulster Carpet Mills and, at one time, real concern for its future.

Today, it is located on the controversial Garvaghy Road in Portadown where for many years it was unwillingly caught up in the dispute which unfolded every year in the local area. In years gone past, the advent of the summer months was a period of anxiety for many businesses in Portadown and Ulster Carpet Mills was not an exception. But regardless of what was going on outside the gates, the firm has always prided itself on having a very strong relationship with its staff.

In the past, Ulster Carpet Mills operated factories outside of the North in South Africa and Australia, but today the only factory it still owns is the original one in Northern Ireland. It is enjoying the benefits of a new multimillion pound investment which has transformed the business.

Nick Coburn, Ulster Carpet Mills managing director, said the company's decision to introduce a revolutionary new weaving system, known as Psylo in Portadown, will help guarantee its long-term future. According to Mr Coburn, its rivals still use technology based on a 200-year-old design, but he believes Ulster Carpets's new system makes it unbeatable when it comes to "efficiency and quality".

"We are the only manufacturer left in these islands - all our competition comes from the likes of the Far East now. It has taken a long time to develop the kind of technology which we now have, but it is definitely giving us the edge," he said.

Mr Coburn said Ulster Carpet Mills plans to relocate to a new site in Portadown where it intends to build a state-of-the-art factory.

He said the company sees good business opportunities in the hospitality sector and at the top end of the luxury carpet market.

"We are selling a high quality product that is manufactured in Northern Ireland - sometimes by one of three generations who still work in our factory in Portadown. Nobody's immune from tough times, but we believe in our carpets," Mr Coburn added.