Our 'dream' is to instil a belief to compete on a global scale

Jul 15 2009 by Sarah Green, The Journal

IT has been a tough year for business and that equally applies to those at the top. Widely changed economic conditions will result in some shake-up in this year’s 250 table with some sectors – including financial, professional services and construction – particularly vulnerable to the effects of the recession and credit crunch.

However, as a key objective of the Top 250 is to inspire others into growing their business in this region, it’s important we remain positive and focus on the region’s opportunities going forward. Martin Luther King did not inspire the world by proclaiming: “I have a nightmare.”

So what is our dream for the North East? We’ve called it the Great North Revolution.

The aim is to ensure that this region is best positioned to maximise our current assets and take forward opportunities in new and transforming industries – including electric vehicles, health and life sciences, offshore renewables, digital economy and new innovative materials.

This is no pipedream. If we consider just one of these sectors – the electric vehicle industry – we have real opportunities to showcase internationally North East capability.

With announcements in recent weeks on the piloting of electric vehicle infrastructure and test cars in the North East, we are heading down the right road. We now need to ensure that North East businesses have the awareness of supply chain opportunities to benefit from the current investment.

We also need to showcase our support for these new industries persuading businesses and the public sector to pilot a vehicle to create a critical mass necessary to create a viable industry.

These opportunities can transform our region but we need to be focused. Public sector spending, on which our region depends heavily, will be constrained in coming years and the availability of credit will still impact on the investment decisions of some businesses.

So we need a clearer understanding of the region’s industrial routemap, highlighting supply chain interdependencies. There will be tough decisions.

While Government states it does not want to be in the business of picking winners, it equally should not be taking on the role of saving losers.

Finally we need to believe we can compete globally. We owe it to our region’s young people. These industries can create highly skilled, well-paid jobs that they can aspire to.

As for the Top 250, they won’t call this a revolution. For those businesses that consistently outperform others are the companies that have the foresight to see new opportunities, the ability to move quickly into new markets and the belief that they can compete globally.

Success of the revolution is influencing more of our region’s businesses to look forward to a bright future.

Sarah Green is regional director, CBI North East.