Hundreds of businesses on Teesside will be able to benefit from a major regeneration expected to create thousands of jobs and significantly boost industrial growth in the North East.
During a visit, Prime Minister Theresa May has officially launched the South Tees Development Corporation, which has been working on plans to redevelop a 4,500-acre stretch of land on the south bank of the River Tees.
As the first Mayoral Development Corporation outside of London, the STDC will become a flag-bearer for major business growth across the region and will work with industry to take advantage of opportunities in the area - part of which was formerly the SSI steelworks.
In the coming weeks, the corporation will publish its draft plans, outlining that it will work with investors and cutting-edge industry from across the region to transform South Tees and the wider area.
Teesport is the largest exporting port in England and is also the deepest on the east coast of the UK.
Placed in the heart of Teesside's industrial zone, the area already enjoys unique exporting potential and the STDC plan will seek to further spur these opportunities.