The Economic Development Company would focus on delivering regeneration and investment projects. It would work to an agreed strategy to help deliver regeneration and the Convergence programmes.
The Council has floated the idea for almost a year in light of a national Government review of regeneration and economic development activity at regional and local level, which recommended that local authorities, working closely with Regional Development Agencies, be given a greater role in tackling economic issues in their areas.
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The Company would be operational by April next year to coincide with the creation of a unitary authority for Cornwall.
At the heart of Cornwall's economic strategy is the need to create a low carbon economy which not only tackles climate change but ensures the economic benefits of doing so are felt locally.
Tim German, Director of the Cornwall Sustainable Energy Partnership, also welcomed the proposals: "The creation of this Company would be a huge step forward in driving forward the mechanisms required to achieve a sustainable future for Cornwall. Putting the creation of a low carbon economy at the heart of its mission is a bold move and would be one of the most ambitious approaches to economic development in the country."
(JM)
