Chancellor George Osborne has announced an extension to the North East Enterprise Zone in Sunderland, which business leaders hope will create hundreds of jobs in the future.
Enterprise Zones are areas where a combination of financial incentives, reduced planning restrictions and other support, are used to encourage the creation of new businesses and jobs.
More than new 300 jobs have already been announced at Vantec Europe’s warehouse in the zone, which is currently under construction
Vantec-Europe had already planned to recruit 230 workers for its new warehouse in the zone, but a further 81 have been announced.
Mr Osborne said: “What I've seen with my own eyes today at Vantec shows that it is a success
“I can confirm that the Government will offer new tax breaks for an additional 40 hectare site - provided a local agreement can be struck in the next 12 months.
"This is a further commitment by this Government to enterprise in the North East, helping the private sector create sustainable jobs and lasting industry.”
Vantec already employs more than 900 people in the North East.
Martin Kendall, managing director of Vantec Europe Ltd said: "The new warehouse is on schedule and will be completed by December 2012.
"It's the largest project we've ever undertaken and it's an important step forward for the company, now the largest supplier of critical logistics to Nissan Sunderland plant."
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