Belfast Harbour Commissioners announced a £1.3 billion investment plan to be carried out over the next 25 years, covering new port facilities, land reclamation for a container terminal, and possible residential property developments. The plan is contingent on the Northern Ireland Assembly passing changes to legislation and government accounting that would allow the commissioners to borrow money on financial markets.

The commissioners are already pushing ahead with the first £300 million of investment, including spending on new facilities for offshore wind projects. Future projects include quays for grain and animal trade, upgrades to the ferry terminals, expanded container shipping facilities, and power connections for docked cruise ships. The growth plan also includes reclaiming land for the first time in 25 years to build a new container terminal.

The possibility of residential property developments could add another £750 million in investment. The £1.3 billion programme would be one of the largest non-governmental investments in Northern Ireland's history.

Belfast Harbour is an independent statutory body and non-profit trust port occupying a central position in the city, with no recourse to public funding, meaning it must make all investments out of its own funds. The harbour is largely built on reclaimed land.

"As capacity tightens at key ports on the Irish east coast, we are putting the scale of our estate to work providing the planned capacity the island needs," Belfast Harbour chief executive Joe O'Neill said. The port hopes to benefit from the development of the 100-mile stretch from Dublin to Belfast connecting the island's two largest cities.

Annual Belfast port trade could rise from 24 million tonnes to between 30 million and 50 million tonnes by 2050, according to forecasts prepared by a consultancy. Northern Ireland's economic growth has outpaced the rest of the United Kingdom in recent years, and the post-Brexit settlement gives the region access to both the U.K. and European Union markets. "If there's accelerated economic growth then we are building ahead of the curve," O'Neill said.

The harbour formerly hosted a shipbuilding industry that included the Harland & Wolff yard, which built the Titanic, the vessel that sank on its maiden voyage in 1912. The yard is now operated by the Spanish state-owned company Navantia, which holds a contract to build Royal Navy fleet solid support ships.