The North East Local Enterprise Partnership (LEP) has published its updated Strategic Economic Plan, outlining how it will have helped create 100,000 jobs for the region by 2024.
The organisation said its new plan reflects recent changes to the global and national economy and takes into account the UK’s upcoming departure from the European Union.
Revealed today (February 14), the document also examines how the North East can maximise opportunities presented by the UK’s Industrial Strategy.
It identifies four areas of strategic importance for improving the North East’s economic competitiveness – digital; advanced manufacturing; health and life sciences; and energy.
The North East LEP and its partners deliver five programmes of activity to support growth in those sectors.
This activity includes helping the region’s businesses to scale and improve their competitiveness on a global level; embracing Industry 4.0 and integrating tech and innovation into everything the LEP does; improving skills and careers education; forging better, more sustainable transport links; and investing in the major capital infrastructure projects.
North East LEP chair Andrew Hodgson said: “2014 saw the publication of the North East LEP’s original Strategic Economic Plan.
“Fast forward to 2019 and our ambition remains the same, but what has changed is the political and economic landscape we find ourselves in. We’re on the brink of leaving the European Union and a new Mayoral North of Tyne Combined Authority has been formed.”
He added: “It’s for those reasons and more we’ve chosen to launch a refreshed Strategic Economic Plan, one that reflects the significant changes we’re experiencing as a country, and a region.”
The updated plan can be read in full on the LEP’s website.
Speaking further, Andrew said that while the economic and political climate “may pose challenges” for the North East, it also provides “a number of opportunities”.
He continued: “The refreshed Strategic Economic Plan we’re launching today outlines how, as a region, we can maximise those opportunities to strengthen and grow our economy.”
Since the original Strategic Economic Plan launched in 2014, 64,600 new jobs have been created, 77% of which have been managerial, professional and technical roles.
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