AN economic development body set up by Sir Ian Wood is set to drive “significant progress” for the north east economy after unveiling an ambitious programme of action and investment for its second year of operations.

Opportunity North East (ONE) was established last year to counter the effects of the oil and gas downturn. It launched with an initial commitment of £25 million over five years from the Wood Foundation.

Referring to ONE’s approach of identifying sector-specific opportunities to accelerate long term economic growth, Sir Ian said the work was already making a difference.

“Effective co-operation between the private and public sectors is increasing and momentum is building around our projects and programmes.

“This year should be one of significant progress for the region’s economy,” he said.

ONE will invest up to £3.5m in 2017/18 in projects and programmes across its priority industry sectors, which will secure more than £3.2m of match funding from partners, as part of a goal of achieving full leverage of £25m over the course of the five years.

Sectors such as food and drink, agriculture, life sciences and tourism will be developed in the coming year.