Belfast Harbour Commissioners have announced plans to invest £1.3 billion over the next 25 years in port upgrades.

The investment includes new facilities for offshore wind projects, quays for grain and animal trade, ferry terminal improvements, expanded container shipping areas, and power connections for cruise ships.

A first phase of £300 million is already underway. Residential property developments could add a further £750 million in spending.

The investment depends on changes to legislation and government accounting rules, which Joe O’Neill, chief executive of Belfast Harbour, expects the Northern Ireland Assembly to pass by spring 2027.

O’Neill said the port aims to benefit from economic growth along the Dublin to Belfast corridor and to meet rising demand for capacity on the Irish east coast.

Forecasts indicate annual port trade could increase from 24 million tonnes to between 30 million and 50 million tonnes by 2050.

Belfast Harbour will reclaim land to build a new container terminal, the first reclamation in 25 years.