The British Business Secretary has pledged UK Government support for Northern Ireland in the face of concerns over the economic climate.
However, Peter Mandelson said the region was relatively sheltered from some aspects of the international financial crisis.
'[There are] strong fundamentals in Northern Ireland's economy which will serve you well and help you navigate your way out of what I readily accept is going to be a very painful recession,' he said.
Lord Mandelson held a series of meetings in Northern Ireland and had talks with enterprise minister Arlene Foster, as well as 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 Presbyterian Mutual Society.
Thousands of people face losing their savings after the Society was placed into administration in November.
Lord Mandelson gave no assurance of action to help, but he said he was due to discuss the issues with Stormont ministers.
On a general note, he said Northern Ireland had undergone huge change.
The former Northern Ireland secretary said: '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.'
Mr Robinson and Mr McGuinness later said they had discussed a range of issues linked to the Northern Ireland economy with Lord Mandelson.
Mr Robinson said: 'During the course of the meeting we expressed particular concern about the treatment of the Presbyterian Mutual Society (PMS).
'We presented our view that exceptional circumstances demand exceptional actions.
'We impressed upon Lord Mandelson that the UK Government should ensure that the current members of the PMS have their savings fully secured.'
Mr McGuinness raised concerns over what he said was the failure by some banks to support local businesses.
'Despite the raft of Government support that has been put in place, some local businessmen are still struggling to get access to credit,' he said.
'Lord Mandelson addressed these concerns and provided further details on the British government's recently announced proposals to encourage lending to businesses.
'We also discussed the proposals to support the automotive industry and how that assistance will affect the industry locally.'
Earlier, Mr Mandelson visited aircraft manufacturer Bombardier in Belfast after it announced it was to shed 300 jobs.
