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 Angela Rayner 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 Kate Forbes 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 Kirsty McNeill 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.
