A plan central to the creation of tens of thousands of jobs and businesses in the North-East is being launched today.

More than 200 business leaders from across the region will be at the unveiling of the Regional Economic Strategy (RES) Action Plan.

Regional development agency One NorthEast is working with the public, private and voluntary sectors to channel resources into the economy.

One NorthEast has pledged to invest £240m a year into the plan for the next five years. About £140m a year will be invested, including £20m on improving skills and £80m in the infrastructure of urban and rural areas.

Chairman Margaret Fay said: "The RES Action Plan is an important milestone on the path to achieving our economic goals and we have gained unprecedented backing from more than 100 partner organisations for the plan and its aims."

To reach the RES targets of getting 73,000 more people into work and creating 22,000 more businesses, economic output will need to rise by £6bn by 2016.

The action plan outlines the following key areas of activity to help reach the targets:

* Building a new enterprise surge by supporting more high value-added start up companies and existing firms on the back of a revitalised enterprise culture;

* Boosting productivity and innovation in business by streamlining business support, increasing access to finance and investing in areas of strength;

* Creating 21st Century transport and digital connections to ensure everyone can take advantage of the digital revolution and working with partners to tackle a range of transport issues;

* Equipping more adults with additional skills to boost economic growth and launching Schools NorthEast to raise the aspirations of schoolchildren;

* Investing in the two city regions of Tyne and Wear and Tees Valley and their surrounding areas, as well as reinvesting in market towns and rural service centres.

One NorthEast chief executive Alan Clarke said: "The RES Action Plan identifies the practical projects and programmes that can be driven forward to help the region achieve its goal of substantially raising its economic output from 80 per cent of the national gross value added average to 90 per cent by 2016."

Sarah Green, regional director of the Confederation of British Industry, said the plan created a vision for the region's economic players to unite behind.

"It integrates spending across public bodies and ensures public money is used to leverage private investment ensuring more bang for the region's bucks," she said.

"The business sector has worked closely with One NorthEast to develop the plan and, therefore, there is a real sense of regional ownership."

One NorthEast's corporate and business plan, which details how much the agency will spend over the next five years in all its areas of activity, will also be unveiled at today's event, at Ramside Hall Hotel, near Durham.