A leading Belfast businessman has told the Belfast International Homecoming gala that governments need to think big in order to transform the North of Ireland economy.

And Gareth Graham, who developed Belfast's biggest-ever office development Merchant Square and then sold it to a Middle Eastern fund, says the big project over coming years should be a 'bullet train' linking Belfast and Dublin. 

The Belfast International Homecoming attracted delegates from five continents to Belfast to forge partnerships with city leaders. 

Addressing the sold-out gala in Titanic Hotel on Thursday past, Gareth Graham said the Windsor Framework brought obvious advantages to the region. "Northern Ireland is at the centre of the economic spotlight like never before," he said. 

However, progress, he claimed was being held back by "current anaemic productivity, a ‘cannot do’ public sector attitude, (and) dreaming little dreams."

INTERNATIONAL GOODWILL: Full house at Titanic Belfast for Homecoming gala
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INTERNATIONAL GOODWILL: Full house at Titanic Belfast for Homecoming gala

He added: "To deliver  sustainable economic prosperity to the north we need to be ambitious and to dream big dreams - really big dreams!"

The South Belfast business leader recalled that every local bank refused funding for the Merchant Square project, forcing him to seek support from international financial institutions. That snub spurred Mr Graham to establish Belfast Commercial Funding, a lending institution which is now providing loans to businesses across Ireland. 
 
"Belfast Commercial Funding is a Big Dream in progress," he said. 

But now, the Belfast developer is aiming even higher. 

He explained: "100 years ago, Belfast held the mantle of being the economic powerhouse of our island. Today the tables have turned decisively and the city of Dublin is the centre of economic prosperity while Belfast is struggling to reap its peace dividend. But Dublin is struggling with huge issues in relation to housing, infrastructure, healthcare and skills shortages. Belfast on the other hand is struggling to recover from substantial, prolonged under investment.

"So what big dream would help alleviate these challenges facing our two biggest cities and transform the economic potential of the whole of the north? The big dream of High Speed Rail. Imagine a high speed rail link between Belfast and Dublin. We have been dreaming about that prospect alrady and we now have a plan for a high-speed link which we have named Transformer.

"High speed rail is the one standout opportunity for economic re-balancing across the island of Ireland, along the Eastern Economic Corridor – where the private sector can be expected to bring major investment provided the connectivity of the two cities is improved. 

"I believe that in years to come when you return to Belfast or Dublin you will be able to travel on the Transformer High Speed Rail trains. Wouldn’t it be amazing if that dream was realised because of our joint efforts!"

"If we developed a fast, reliable, rail connection of under one hour between Belfast and Dublin investment would surely look anew at the opportunities to expand and create  businesses in the two jurisdictions on our shared island. 
 
"The Transformer high speed rail project has the potential to transform the North economically, socially and culturally. It would go a long way to addressing the housing issues and skill shortages in Dublin and equally it would address decades of under investment Belfast and help the north finally reap its’ peace dividend. 
 
"Our economies and our tax income will grow. Our drive towards a zero emissions society would speed up."

Other countries have embraced high speed rail, said Mr Graham.  
 
"Rail Baltica is an 870km High Speed Rail connecting Estonia, Latvia and Lithuania. Countries with combined populations of six million, one million less than the island of Ireland, but with dreams much bigger."

The Belfast businessman said he had already funded a feasibility study into high speed rail from his own pocket. "We have already completed an initial feasibility study and are now engaging with the Governments and political parties to harness political support."

But he said the American delegation at the Homecoming could also help. 
 
"You might think that you can’t contribute to this gamechanging project but let’s examine what you have already done," he told his Titanic Hotel audience. "Not all of you are aware of this but this is one cohort of guests here who have already invested in start-ups in Belfast, including Andor Technology which went on to become a public company employing several hundred people. Who are these generous individuals? 

"They are the New York State Legislators among us tonight. Through the New York State Retirees Fund a little bit of all their pension funds has been invested in companies here in the North. That’s thanks to the far-sighted actions of New York State Comptroller Tom DiNapoli who decided 15 years ago to boost the peace by investing in Northern Ireland – to date $55m of pension funds from New York have been allocated for our local companies. So imagine if we could find a way to encourage pension funds across the US to invest in our visionary High Speed Rail project to deliver economic progress and a lasting peace while earning a handsome return for New York’s seniors."

And Mr Graham said he was confident the high speed rail link would become a reality. 

"I believe that in years to come when you return to Belfast or Dublin you will be able to travel on the Transformer High Speed Rail trains. Wouldn’t it be amazing if that dream was realised because of our joint efforts!"

Sponsors of the tenth annual Belfast International Homecoming were led by Northern Irish Connections and included Deloitte, Maritime Belfast, Ulster University,