Conor Murphy, the MP and MLA said the Irish Government should "draw up proposals for cross border integration of commercial and social development".
In a move that would also boost the construction industry across the whole of Ireland, he called on the Dáil to take the lead in building the all-Ireland economy and said it should direct its energies and influences towards convincing the British Government and unionist politicians that the future lies in economic policies specifically for the island of Ireland.
"This should be detached from British Exchequer policies which are designed specifically for the fiscal stability of the island of Britain," he said.
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"If Irish economic development is to reach its full potential in a programmed and managed manner then what is required is co-operation and integrated planning between the Finance Ministers North and South," the former Stormont Executive Minister said.
Mr Murphy added: "Members of both Irish and British governments at the highest level have in the past voiced the opinion that an island economy is in the long-term interests of all the people of Ireland."
Mr Murphy said: "It would therefore be sensible and to the benefit of all the people on this island if public expenditure was planned and managed on an all-Ireland basis."
He concluded: "I don't believe that there could be a credible argument constructed in opposition to the mutual benefits and practicalities of development of infrastructural, economic, energy, educational, agricultural and social structures on an all-Ireland basis.
"It is not just nationalist political parties and representatives of British and Irish governments that have recognised the potential of a unitary approach.
"It has also been embraced by business organisations, trade unionists, economic commentators and educationalists throughout the island," he concluded.
(BMcN/GK)
