A major new initiative designed to bring new business and job opportunities to the Isle of Wight has been launched by the chairman of the South East England Development Agency, Jim Brathwaite.

Project Cowes, a joint enterprise between Seeda, the Isle of Wight Council and The Isle of Wight Economic Partnership, represents a vision for the sustainable economic development of the Medina Valley, which covers Cowes, East Cowes and Newport Harbour.

It aims to promote economic growth throughout the Island, strengthening the town centres and fostering a mix of development uses along the waterfront.

In his first visit to the Isle of Wight as Seeda chairman, Mr Brathwaite opened the new Project Cowes office and exhibition centre at the Yacht Haven, Cowes Harbour, and met leaders of the council and the economic partnership.

The chairman was briefed by the partnership on exciting plans to make the Solent area a global centre for yacht racing development, technology and international events. The Island is already home to a wide variety of marine industries as well as round-the-world yachtswoman Ellen MacArthur and the GBR Challenge, the British America's Cup team.

The project's goal is to develop the Isle of Wight's manufacturing and business sectors and create an economy that attracts and retains young professional people.

Mr Brathwaite also visited the Isle of Wight Enterprise Hub in Newport, where Seeda has helped the development of 28,000 square metres of workspace, including an innovation centre for up to 18 dynamic fast-growing new businesses.

The Enterprise Hub has so far created 675 jobs and provided the focus for the development of a cluster of businesses in the composites sector - developing and manufacturing products from fibre-based composite materials for industries ranging from boat building to aerospace.

The hub recently secured European funding of 2.3 million euros to establish a Virtual Composites Institute, a web-based project providing information and services for composites companies throughout Europe.