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SEEDA Launches Regional Economic Strategy Consultation Document SEEDA's Vision:"The South East will be a world class region 16 November 2005 The South East of England faces a number of tough choices between 2006 and 2016 if it is to build on and maintain its reputation as a globally competitive region. These points are outlined in the Regional Economic Strategy (RES) consultation document launched today by the South East England Development Agency (SEEDA). The publication of this document is the culmination of a series of public consultation meetings held across the region, covering key agenda themes such as skills and innovation, as well as specific geographical locations including the coastal areas and the Gatwick Diamond. More than 2,000 people attended these meetings, contributing their ideas and feedback for the production of the RES consultation document. The development of the final RES for 2006 to 2016 will move forward based on the region's feedback on the new consultation document. SEEDA Chairman, James E Brathwaite CBE, explains:"This consultation document marks a key stage in the development of the new Regional Economic Strategy for South East England , due to be published in spring 2006. This will be the third version of the RES and will help us build a framework for future growth as well as make progress towards our overall vision of sustainable prosperity. The extent of this challenge must not be underestimated. We are already a world class region - the locomotive that drives the UK's economy, generating funds that are invested in programmes in regions throughout the UK. However, we cannot let our growth stagnate or the South East, and the UK's economy, will go into reverse. We need to drive forward, evolve and innovate to meet the growing challenges of a fast changing global economy." The South East already performs well in a number of areas. Together with London and the East of England, it accounts for over 50 per cent of UK R&D. Alongside the North West, it is the largest manufacturing region in the country with real manufacturing output totaling £20 billion in 2004 (2001 prices). Between 1997 and 2003 the South East has also achieved the fastest growth in Gross Value Added (GVA) per worker, the highest economic activity rate, the lowest unemployment rate and the second highest gross household income per worker in the UK. However, there are a number of challenges which the region must tackle. First, the growing prominence of China and India as global powerhouse economies. By 2015 it is estimated that China will account for 19 per cent of global output, level with the USA and ahead of Europe. However, today the Asian market accounts for only 11 per cent of the exports of South East businesses. In addition, China and India already produce 4 million graduates per annum. The UK produces just 290,000. In short, the region must develop strong links with these economies to take advantage of trade and knowledge transfer opportunities. Second, to secure its position as a world class region, the South East must focus its efforts on achieving sustainable prosperity through smart growth. This will entail building on excellence and playing to the region's strengths; investing in potential across the South East to reduce under performance; and safeguarding the very good quality of life the region enjoys as a competitive advantage. The RES consultation document examines the six drivers of regional prosperity – employment; enterprise; innovation and creativity; skills; competition and business regulation; and investment in infrastructure – and lays out challenging, focused objectives and actions for 2016 which will contribute to the region's achievement of its goals. Third, the prosperity of the region will not be sustainable unless hard choices are made which come from following sustainable development principles. SEEDA will continue to work with the region's businesses and residents on priorities including tackling climate change, using renewable energy sources, enhancing the environment, achieving sustainable production and consumption and developing sustainable, inclusive communities. There are many business opportunities to become world leaders by addressing these challenges. SEEDA Chief Executive Pam Alexander concludes:"We have identified the challenges and need to work with the region to identify the most effective way forward. We need to clarify where we best make interventions to attain our objectives. Three years ago we identified high house prices, low skills levels and traffic congestion as critical barriers to the ongoing growth and prosperity of the region. We have made progress in some areas – a steady increase in GVA per worker, the significant reduction of unemployment in deprived areas, reductions in water consumption and greater production of energy from renewable sources. But these three issues remain and global competition has increased. "Three new themes have developed during the consultation events: the importance of innovation and creativity to match these new competitors; the case for investment to ensure everyone of working age can contribute to the region; and the need to address and avoid polarisation of communities by improving the value and contribution of jobs that are currently low skilled and low paid. "The new RES will identify tough choices and clear priorities. These are ultimately choices that we have to make to ensure that the South East continues to grow, achieves sustainable prosperity and remains an attractive and exciting place where people will want to live, work and visit." SEEDA is asking the residents and businesses of the South East to examine the RES consultation document fully and provide further opinion and feedback. The document is available online at www.seeda.co.uk/res and a printed version will be available by the final week of November. The final date for submission of comments to SEEDA is Friday 17th February 2006 and email and postal addresses can be found here on the website and in the consultation document. |
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