Published Tuesday, 11 August 2009
The maritime boost will be enough to create an additional 550 jobs in the tourist industry, Naomi Long added.
Hundreds of thousands of visitors are set to descend on Belfast to see the 40 sailing ships on their four-day visit to Northern Ireland.
The festival, which begins on Thursday when the vessels sail up Belfast Lough, is set to be one of the largest public spectacles ever staged in the region.
"This will be the biggest event that Belfast has ever hosted and the single biggest event on this island this year," said Mayor Long.
"We will have visitors from all over the world and they will enjoy the warmth and hospitality for which Belfast people are renowned."
The Tall Ships are calling into Belfast as part of their race across the Atlantic and back, which is staged every eight to 10 years.
They left Halifax, Nova Scotia last month as part of a loop which began in Vigo in Spain and took in Tenerife, Bermuda and Charleston and Boston in the US.
The last occasion the ships arrived in Belfast was in 1991.
"No-one could have foreseen the dramatic improvements in our city in the intervening years since 1991 and I am delighted that we have managed to retain what was best about our city and marry it with the new, to make Belfast an exciting happening place," said Mrs Long.
Belfast City Council is the biggest single funder of the event, contributing £1.1m towards the total cost of £2.4m.
The festival will run until Sunday and consists of a range of free activities and entertainment, including fireworks, continental markets, funfairs and concerts, all based around the docks area of the city.