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County Durham Development Company Ltd, whose current role is under review, reported on a year of significant achievement at its March Board meeting.
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And its senior managers used the occasion to address growing speculation that a decision had already been made about the company’s future.
County Durham Development Company (CDDC), the business support arm of Durham County Council, has been instrumental in the creation or safeguarding of almost 3,000 jobs since April 2006, Board members were told.
The jobs, a mix of manufacturing and service sector, were created by CDDC assisting in the form of financial support and the provision of land and premises.
Commenting on the success, CDDC’s Chairman, County Councillor Albert Nugent, said: “The County Council established CDDC to create jobs for the people of County Durham by promoting the County as a business location and by developing business opportunities.
“As its report to the Board shows that’s exactly what it’s doing and I’m delighted to acknowledge another year of success for the Company.”
The County Council recently commissioned a wide ranging review of all of its economic development activities and the consultants’ report included a recommendation that CDDC be wound down in March 2008.
However, Durham County Council’s Chief Executive, Mark Lloyd, who also sits on the Board of CDDC, was quick to put the review into perspective.
He told the Board meeting: “The consultants came up with a number of recommendations but the review is ongoing and I must stress that nothing has been ruled in or ruled out.
“Our current approach to economic development and business support was drawn up nearly 20 years ago.
“Economic challenges and opportunities are subject to continual change and it’s only right that we step back and take a long, hard look at how we can operate as effectively as possible.”
The Directors also received the Company’s new Corporate Plan for 2007-2010 which marks a shift in CDDC’s forward strategy.
The Board approved this new direction which recognises the importance of the knowledge intensive sectors of the economy to the future well-being of County Durham and the North East.
CDDC’s Managing Director, Stewart Watkins, commented: “With two decades of successful experience behind us we believe that CDDC is well placed to act as a vital link between the business community and the County Council.
“Our Corporate Plan will see us concentrate on liaising with strategically important businesses in the County and maintaining our partnerships with organisations such as One NorthEast, the regional universities, the NECC and the Centres of Excellence.
“And, as a driving force behind the development of the region’s leading science, technology and engineering park at NETPark, we’re also acutely aware that innovation, quality and creativity are increasingly going to be crucial to economic success.”
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