A new £750,000 workspace development in Draperstown could create up to 35 jobs and help to stimulate economic growth, the Enterprise Minister has said.

Arlene Foster, who officially opened the new 8,500 square foot development earlier this week, said such schemes are an example of how European funding regenerates communities across the Province.

"Encouraging the growth and development of local businesses is a key element in maintaining a sustainable economic future for Northern Ireland.

"It is my firm belief that workspace developments such as this in Draperstown, provide the facilities that local entrepreneurs need to start or grow their enterprises," she said.

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"It is vital that businesses receive support now so they can position themselves effectively to take advantage of the upturn when it comes."

The workspace units have been developed by Workspace (Draperstown) Ltd at a total cost of £752,989.

The Department of Enterprise, Trade and Investment (DETI) provided support to the project with EU Peace and Reconciliation (Peace II) assistance of £300,000.

Significant funding of £250,000 was also secured from the International Fund for Ireland (IFI).

Chairman of the International Fund for Ireland, Denis Rooney, welcomed the opening of the scheme, revealing five of the nine units are already occupied.

"These new units are vitally important for both business start-ups and established small businesses that need affordable, high-quality workspaces.

"I am pleased that five of the nine new units are already occupied, and this is testimony to the need for this type of high quality workspace and to the industry of the local community’s small-business sector."

Workspace Chief Executive, Brian Murray said the occupation of units was good news given the current economic environment.

"I would like to thank our funders for supporting this project and look forward to working with them on more initiatives in the future."

(PR/KMcA)