Jobs and cash boost for Scotland as two investment zones have
reached a key milestone.
At the Spending Review the Chancellor confirmed the focus of both
Glasgow City Region and the North East Scotland Investment Zones
(IZs).
The Glasgow site will be focussed on advanced manufacturing,
targeting innovation in the space and maritime fields and in
semi-conductor production. It is expected to generate around £300
million of initial private investment and support up to 10,000
jobs in the region.
After California, Glasgow City Region is the largest supplier of
small satellites in the world, with around 30 companies in the
industry.
The North East IZ will focus on green industries and the digital
and tech sectors, building on the region's existing strengths and
playing a key role in the country's transition away from oil and
gas.
This is expected to generate around £1.7 billion of private
investment and support up to 18,000 jobs.
Deputy Prime Minister and Secretary of State for Housing,
Communities and Local Government said:
Growing the economy to improve living standards is the number one
priority of our Plan for Change, creating opportunities for
communities across the UK.
That's why we have taken forward Scotland's two Investment Zones.
By building on the amazing strengths Glasgow and North East
Scotland already possess, they will attract the investment and
drive the growth that people deserve.
Deputy First Minister said:
Investment Zones will play a role in attracting private
investment, growing Scotland's economy and creating jobs. They
will help to maximise the impact of our world-class universities
and colleges, leveraging our existing research and innovation
strengths, and grasping emerging opportunities to support growth
in the Glasgow City Region and the North East.
The Scottish Government is providing a package of Non-Domestic
Rates Retention at the sites which can be used to further invest
in the Zones and their infrastructure.
We have worked with the UK Government to tailor the
Investment Zone model to align with Scotland's economic
strategy, supporting the development of clusters and driving
innovation in key sectors such as net zero, advanced
manufacturing and digital technologies.
UK Government Scotland Office Minister said:
The Spending Review clearly showed how Scotland is at the beating
heart of the UK Government's Plan for Change and confirmation of
the focus for Scotland's two Investment Zones is an
important part of our commitment to drive an
industrial transformation across the country.
The skills and expertise in the Glasgow City Region are
perfectly matched to maximising growth in advanced manufacturing,
space and maritime with North East Scotland a world leader in
green energy, digital and technology. Backed by £160 million UK
Government investment each, these zones are part of billions of
pounds we are investing to back Scottish jobs as we work with
local partners to unleash a new era of growth across
Scotland.
The Investment Zones are joint projects between the UK and
Scottish governments and the Glasgow City Region and North East
Scotland Regional Economic Partnerships.
Glasgow's IZ is based across Glasgow City Region, with a focus
around key sites including the Advanced Manufacturing Innovation
District Scotland next to Glasgow Airport in Renfrewshire and the
city's two Innovation Districts, Glasgow Riverside Innovation
District and Glasgow City Innovation District.
And the North East IZ will be located in Aberdeen and
Aberdeenshire, with key sites including the Energy Transition
Zone in the city, strategically located by the Port of Aberdeen
South Harbour expansion, and Peterhead - well positioned to take
advantage of the emerging opportunities in green industries with
easy access to Peterhead Port.
The news follows the confirmation of continued UK Government
funding for the Investment Zone programme in the Autumn
Budget.
The UK Government is committed to creating good jobs and better
living standards for everyone, everywhere in the UK as part of
the Plan for Change. The Scottish Investment Zones – two of 13
planned Investment Zones across the UK – will play a key role in
that mission.
