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Michael Bloomberg said Northern Ireland had much to offer, but suggested that "another important step was needed".
He said it was "in the interests of peace and prosperity" to remove the barriers.
The mayor made his remarks while addressing the First and Deputy First Ministers, assembly members and American visitors at Stormont.
Speaking on the benefits of partnership between Northern Ireland the United States, he said:
"The historic cultural barriers between the two communities here are slowly coming down," said Mayor Bloomberg who was in Belfast for the investment conference.
"And the sooner they do, and the sooner the physical barriers come down as well, the sooner the flood gates of private investment will open."
(BBC)
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