Around £21 million of public money was to be used to rebuild the centre at the Giant’s Causeway, which had been burned down in April 2000.
Environment Minister Arlene Foster said she had wanted private developers to build the centre.
Mr Dodds said the department had been involved "as a last resort".
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"It would not be a prudent use of taxpayer’s money to proceed further in the circumstances, given Minister Foster’s position on the private sector planning application. The DETI/NITB project would cost in excess of £21m," he said.
Ms Foster had said she had recently received a report from the Planning Service on an application by Seaport Investments Ltd for a new Visitor and Study Centre at the site.
The Minister also said she had "concluded that there is a considerable merit in what is proposed."
"I have asked my officials to engage with the developer and key local stakeholders on some aspects of the proposal so that I can make a formal decision on it at the earliest opportunity," she concluded.
The Giant's Causeway, known for its polygonal columns of layered basalt is the only World Heritage Site in Northern Ireland and attracts around 500,000 visitors a year.
(JM/SP)
