10/24/2014 11:44 EDT | Updated 12/24/2014 05:59 EST

Cape Breton municipalities sign deal to establish network to boost business

SYDNEY, N.S. - A group of municipalities in Cape Breton has taken another step toward creating a regional enterprise network aimed at promoting economic development in the region.

It would be the fourth such network in the province.

The Cape Breton Regional Municipality and the counties of Inverness, Richmond and Victoria have signed an agreement marking the formal establishment of the network.

The agreement outlines the network's governance and gives each partner rights and authority.

Economic Development Minister Michel Samson says the agreement is an important milestone and communities in the region will be able to build a stronger regional economy.