THE £100m Celtic Springs business park has been presented along with other major South Wales parks to key industry movers and shakers in London.

The park, to the west side of Newport, was officially opened last week and work has started on the first 60,000 sq ft three-tier £10m flagship building.

Planning permission for a second 30,000 sq ft three-tier building has been submitted. The development, on 42-acres, is being carried out through a joint venture partnership of awg, Chepstow-based Broadhall, the Welsh Development Agency and Newport county borough council.

Welsh Development Agency executive director for the southeast division, Karen Thomas, said: "Celtic Springs is the result of a joint venture partnership involving Newport county borough council, the Welsh Development Agency, awg Developments and Chepstow developer Broadhall.

"This partnership aims to create a business park in a superb landscaped setting, which will attract high quality occupiers."

She congratulated awg and Broadhall on being chosen as the private sector partners in the venture with Newport county borough council and the WDA. Ms Thomas said: "An extensive competitive tender process was undertaken, in which proposals were invited from a number of top quality developers. "awg and Broadhall emerged as the chosen developers, and their commitment to make an immediate impact is already apparent.

"It is particularly important that this launch is taking place because of the Corus announcements last spring.

"The WDA, the National Assembly for Wales and our local authority partners in Newport, Blaenau Gwent, Torfaen, Caerphilly and Monmouthshire are currently working together on a major study, which will develop a dynamic 10 to 15 year vision and action plan for the regeneration of the South East Wales economy.

"Some important issues have already emerged, from the work done so far, on the study, which have a direct relevance for the proposed Celtic Springs development.

"It is clear that today the new economy co-exists with the old, but the focus is shifting from an economy where value is in manufactured products to one where value lies in intangibles and the application and exploitation of knowledge and innovation.

"That the knowledge-driven economy has concentrated in major towns and cities, with universities, professional services and centres of government; but the old locational drivers are less important and quality of place and quality of life matter more. "The economy is increasingly interconnected; e-commerce is removing boundaries, making the economy much more permeable.

"That the most successful regions are built on clusters of related industries and competitive businesses are based on advanced skills and technologies. "Here, at Celtic Springs, we can provide the opportunity to attract some of the companies who can help us to realise these ambitions.

"The WDA and Newport county borough council - again working in partnership with the private sector through the Newport Development Board have already been laying the foundation for a dramatic transformation of Newport Town Centre and the Usk Riverside. "This work is a major catalyst for this area, and will support our continued promotion of the region as a quality location for investment."

Ms Thomas revealed that the Celtic Springs development has recently been promoted along with other key M4/South Wales site to a key strategic audience in London. At the meeting she said: "We need to build upon the impetus generated here and to discuss ways that we can continue that momentum.

"There is a great opportunity here for Newport and indeed for South East Wales. "Communities that embrace and prepare for change are those which are most likely to prosper."

THE WDA is working closely with awg on proposals to develop an 'office village' at Celtic Springs which will provide start- up businesses with accommodation.