Last updated 05:41, Friday, 03 October 2008

THE north west economy is robust enough to survive the current economic slump, according to the region’s top civil servant.

Steven Broomhead: ‘Platform to withstand the cooling economy’

Steven Broomhead, chief executive of the North West Regional Development Agency (NWDA) said investment made in the area over the past decade had left it strong enough to withstand what Chancellor Alistair Darling has called the toughest economic climate since World War Two.

Mr Broomhead told delegates at the NWDA’s annual conference in Liverpool that years of growth and rising employment, backed by government and private sector investment, had left the region in good shape.

He said: “We have built a strong platform to withstand the cooling economy.

“For example, we are the leading region outside of London in attracting foreign direct investments.

“During the past year, we attracted 150 of these, creating or safeguarding 14,500 jobs.

“We must not forget that the changed business base presents the region with long-term opportunities.”

“The north west has strengths in sectors which are likely to be more resilient, including energy, defence, advanced manufacturing, engineering, science and innovation.”

Mr Broomhead said knowledge-based businesses were the key to the region’s economic success, along with the accelerated growth of internationally competitive sectors, such as automotive and creative industries.

He added that the NWDA had created or safeguarded 18,000 jobs in the past financial year and helped attract or establish 2,000 companies. It also brought £489m of investment to deprived areas and helped 26,000 people to improve their skills, as well as unveiling initiatives totalling £200m to help businesses, he said.