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THE Glasgow city region and the north east of Scotland are to each be supported by to £80 million in targeted investment, tax reliefs, and other incentives over five years.
It comes following a joint selection process by the Scottish and UK governments, with the initiative to be delivered by each area’s regional economic partnership.
The regional economic partnerships will propose which sectors should be the focus of support, taking into account regional strengths and activity within higher and further education institutions. Regional leaders, businesses, and universities will take the lead in shaping and developing specific plans.
Scottish ministers said they have tailored the UK Government’s investment zone model to ensure it aligns with the national strategy for economic transformation and supports innovation in sectors such as net zero, digital, and life sciences. The Scottish Government said there will be a ‘strong’ emphasis on fair work, mirroring the arrangements for green freeports.
Wellbeing economy secretary Neil Gray said, “This is a milestone in the delivery of investment zones in a way that enhances Scotland’s economy while aligning with our distinctive priorities. Scotland already has a strong track record in innovation and research and the investment zones can build on these strengths.
“They will form part of a joined up approach that draws on the expertise of our world-leading research, education and training institutions, dynamic business sector and skilled workforce and will enable local communities to benefit.
“A rigorous process has been followed in selecting Glasgow City Region and the North East and we look forward to working in partnership with them to create high quality jobs and ensure that fair work practices, including payment of the real Living Wage, are embedded in the Investment Zones from the outset.
“We will, of course, continue to invest in all of Scotland’s regions, for instance through growth and city region deals, to build on their strengths and stimulate jobs and growth.”
Councillor Stephen McCabe, leader of Inverclyde Council and city region cabinet member, added, “On the face of it this announcement is good news for Inverclyde and the wider city region, coming after the disappointment of losing out on the green freeport bid. The city region will now work up detailed proposals based on the government guidance.
“This new investment should allow us to build on the excellent work that has been done thus far to create opportunities for all city region members and communities.
“With a focus on innovation, education, research and training linked to sectors such as net zero, digital, and life sciences, we stand ready to explore potential opportunities for Inverclyde.”
