700 jobs are being created in the region as the Business Secretary Vince Cable has announces more than £5 million to revive the manufacturing industry.
Another £3.5 million will go towards creating 200 new apprenticeships, across Teesside and County Durham.
Frances Read reports.
Business Secretary Vince Cable met with members of the North East Local Enterprise Partnership Board as part of his visit to Teesside on Monday.
On the table for discussion was an update on the region's Finance for Business scheme, which providis equity and loan finance to new and growing businesses.
North East LEP Chair, Paul Woolston, says he is delighted to see the partnership's strategic leadership in action.
“Opportunities like this to accentuate the positives about our future plans are extremely valuable. We need to continue to build on the ownership that the North East LEP is demonstrating.
“Meeting the Secretary of State in a part of the region with a huge future ahead of it is testament to the broad based and well-balanced economy of the North East.”
The Redcar MP Ian Swales has welcomed the introduction of a new apprentice and 'fast track' graduate scheme at the Sembcorp site on Teesside.
Vince Cable, the Secretary of State for Business, Innovation and Skills, is visiting the Wilton International plant today to launch the new scheme.
– Ian Swales, MP
"I look forward to seeing this contract get up and running.
"There has been a lot of hard work from the team at Sembcorp to get to this point and it is an exciting project.
"Apprenticeships are vital for this area, and I am delighted that the Government has backed a further 300 in the Tees Valley for a range of people to access.
"By up-skilling our workforce, we provide young people with the ability to compete in the workplace and increase the amount of people who want to remain living and working on Teesside."
The Rt Hon Vince Cable is visiting the Wilton International site on Teesside on Monday.
The Secretary of State for Business, Innovation and Skills is launching a new "fast track" apprenticeship and graduate training scheme aimed at 16-24-year-olds.
The Sembcorp Skills Development Programme will create 200 new jobs for apprentices and graduates in the process industries and their supply chain businesses.