The DUP Finance Minister Sammy Wilson has used a keynote speech in the Republic of Ireland to warn that the Northern Ireland executive has not done enough to develop its economy.
Speaking at an all-Ireland investment conference in Dundalk on Thursday, Mr Wilson branded the delivery of long-term economic growth as "disappointing".
He warned of a need to redirect funding towards economy boosting projects.
"Our Programme for Government was published over two years ago and I believe that when you look at the progress we have made in developing our economy's long term growth potential since then, the outcome might be judged rather disappointing," he said.
"If I ask myself what we have achieved as an Executive in terms of policies to promote economic growth, I can point to a number of short-term demand-side focused initiatives.
"We have frozen domestic rates, we have delayed water charges, and we have introduced fuel subsidies for poor households.
"These measures have served as an immediate stimulus during a difficult time and demonstrated the Executive's ability to act swiftly in response to the economic downturn."
But he added: "I would argue, however, that we have not done enough to advance long-term economic growth. We need to ensure that we do not lose sight of the importance of improving the supply-side of our economy."
Mr Wilson said: "The Executive will soon begin to develop our new Programme for Government. Our current number one priority is 'growing the economy' but I worry about how we have actually delivered on this.
"It is difficult to see any significant change in policy focus toward economic growth over the last few years."
The Executive has been criticised for not redrafting its budgetary and economic plans at an earlier date to respond to the international financial crisis.
Independent economists also accused the Northern Ireland government of focusing on vote-grabbing measures such as the introduction of free prescriptions, and the delay of the introduction of domestic water charges, which they said have benefited the rich as much as the needy.
The UUP Health Minister Michael McGimpsey and the SDLP's Housing Minister Margaret Ritchie have also complained that their departmental budgets had already been cut.
But Mr Wilson told the All Island Infrastructure Investment Conference that more policy initiatives need to emerge that will actively promote economic growth.
"It is imperative that we invest in a manner that generates enduring and tangible economic returns".
"In developing our new Programme for Government, in a tighter financial environment, the Executive will need to take some difficult decisions about economic policy - which may mean moving resources from other less important areas."
The conference was also attended by Irish government Minister of State Martin Mansergh.
The Irish government is funding infrastructure projects in Northern Ireland, including multimillion-pound investment in a road link between Derry and Aughnacloy, plus improvements to the Belfast/Larne route.
Mr Wilson highlighted the importance of infrastructural developments to economic growth.
The DUP representative said: "Government has a responsibility to invest public money in the right areas to deliver a modern and prosperous economy in the future."
© Press Association