Opportunity North East (ONE) was launched in December 2015, following extensive consultation with the region’s business community and discussion with the public sector. It is the private sector’s response to the long-term economic challenges facing North East Scotland.
ONE has a unique role in accelerating growth and diversification activity in the region, to increase productivity, competitiveness and anchor employment and economic value for the long term.
The Groups region has a strong, entrepreneurial and enterprising economy, but is very dependent on North Sea oil. The price downturn, which began in late 2014, has brought into sharp relief the issues of growth and the need for diversification and innovation in the regional economy.
This huge economic challenge needs the private and public sectors to take steps now to broaden the economy by investing in key industry sectors of food, drink, agriculture and fishing; life sciences; oil and gas; digital & entrepreneurship and tourism. ONE is about working with partners to strengthen and diversify the region’s business base by providing access to expertise and actively investing in projects and initiatives that support growth in these key sectors, attracting new investment, increasing the turnover of established companies and encouraging more successful start-ups. Alongside this, ONE must examine the remaining North Sea opportunities and anchor the oil and gas industry here post the North Sea and establish a leading position in energy transition for the region.
Collaborating with like-minded businesses, Scottish Enterprise, other partners and the international community, ONE will develop and accelerate high-impact opportunities. With an investment of £62 million over ten years from the Wood Foundation, the Group are industry led and privately funded. ONE will use their resources to catalyse partnership working and win co-investment and matched funding from the private and public sectors to achieve the Renaissance objectives.