Business Secretary Peter Mandelson today pledged Government support for Northern Ireland in the face of growing concerns over the economic climate.
Lord Mandelson visited aircraft manufacturer Bombardier in Belfast after it announced it was to shed 300 jobs.
Later today the former Northern Ireland secretary is to hold talks on the economy with Northern Ireland First Minister Peter Robinson and deputy First Minister Martin McGuinness.
The discussions come amid concerns over the banking sector, growing pressures on businesses and the crisis-hit Presbyterian Mutual Society, where savers worry about losing their money.
Meanwhile there was some good news on the jobs front today when pharmaceutical company the Almac Group announced 127 full-time and part-time posts at its plant in Craigavon, with nearly 100 jobs aimed at graduates.
Lord Mandelson and Northern Ireland Enterprise Minister Arlene Foster met senior management at Bombardier.
Mrs Foster said of the company's job losses: "This is very regrettable news which has come about as a result of a reduced demand for Learjet and Challenger aircraft, in which Northern Ireland has significant involvement.
"I understand that Northern Ireland will be less affected than the Canadian or US operations.
"Invest NI and the Department for Business, Enterprise & Regulatory Reform (BERR) in London are working closely with Bombardier to identify further business development opportunities."
The core permanent workforce of 5,300 is unaffected and the company said it still intended to recruit 100 experienced professional and technical permanent staff in the months ahead.
Mrs Foster and Lord Mandelson held discussions on the economic climate and the need for the Government and the Northern Ireland administration to work together to assist local businesses.
The Enterprise Minister said: "The UK Government has taken a series of measures nationally, aimed at reducing the impact of the recession.
"I am fully committed to helping our local companies through this recession."
Lord Mandelson said: "It is good to be back and to see the progress that has been made in Northern Ireland since I was last here.
"These positive changes are down to the hope and determination of the people of Northern Ireland and their politicians to achieve a peaceful, more prosperous future.
"The UK Government is committed to do everything it can to work with the Northern Ireland Assembly and others to give you the help you need, now and in the future."
Meanwhile, thousands of people face losing their savings after the Presbyterian Mutual Society was placed into administration in November.
Politicians and leading Presbyterian Church figures have called on the Government to intervene to help the institution.