WALES' two largest public bodies have signed a landmark agreement aimed at giving the Welsh economy maximum value from their £600million combined budgets.

The new collaborative arrangement between the Welsh Development Agency (WDA) and the National Council ELWa - Education and Learning Wales - is also designed to put skills development at the heart of the economic planning process for the first time.

Following discussions, ELWa and the WDA have agreed a Memorandum of Understanding, under which they have committed to consult each other regularly, plan together, systematically share information and collaborate on joint projects whenever possible.

The document was signed today by Enid Rowlands, chairman of the ELWa National Council and Sir David Rowe-Beddoe, chairman of the WDA, during a joint visit to Gwent-based semiconductor firm, Atlantic Technology.

The firm, located at Crumlin represents one of Wales leading-edge manufacturing sectors.

Atlantic is also participating in an innovative ELWa-backed initiative under which local colleges deliver skills training directly to the workplace through visiting lecturers or on-line.

*PICTURED: WDA chairman Sir David Rowe-Beddoe (left) and ELWa chairwoman Enid Rowlands (right) at Gwent-based Atlantic Technology. With them (standing) is the firm's MD, Jeff Baloun.