The Department for Levelling Up, Housing and Communities has announced that the UK and Scottish Governments have reached a joint agreement over Scotland’s new Investment Zones.
Glasgow City Region and the North East of Scotland have been revealed as the two regions that will form the basis for economic growth and opportunity in Scotland, with Investment Zones playing a crucial role in the government’s levelling up agenda. This is done by bringing growth, high skill jobs, investment and future opportunities that will be attracted by the tax incentives and funding boosts that are part of the design of the zones.
Universities form the basis of the Investment Zones, with the zones being centred around research institutions to drive growth in sectors that hold priority. These sectors include technology, creative industries, life sciences, advanced manufacturing, and the green sector.
The two Scottish Investment Zones that have been announced, are also the first outside of England.
Michael Gove, Secretary of State for Levelling Up, said:
“This is an historic milestone as we widen the opportunity and ambition of the Investment Zone programme to grow the economy across the whole of the United Kingdom.
“I am very appreciative of the constructive approach the First Minister and Deputy First Minister have shown in the meetings I have had with them in recent weeks. We all have a shared ambition to work together to see all parts of Scotland thrive and today’s agreement builds on our successful rollout of Green Freeports in Scotland earlier this year.
“Both Aberdeen and Glasgow, and their surrounding areas, have been at the very heart of the UK’s economic success for generations. Shipbuilding on the Clyde, oil and gas exploration in the North Sea and a leader in the renewable sector. Both responsible for exporting some of the world’s finest food and drink around the globe. Both playing home to some of the biggest financial service companies we have. We want to build on this proud present and past so that Aberdeen and Glasgow continue to make a massive contribution to the UK economy.”
A number of local authorities will form the two Scottish Regional Economic Partnerships, benefitting from overall funding of around £80 million, over the course of five years. Thes regional leaders will work alongside businesses and universities to shape regional plans and make sure that the entrepreneurial spirit is integral to the investment zones.
Secretary of State for Scotland, Alister Jack, added:
“This is exciting news for Glasgow and Aberdeen – the establishment of two Investment Zones in these areas will enhance their existing strengths, helping to attract investment, grow our economy and create jobs in priority sectors. This will build upon the great progress already being seen with the Freeports we announced earlier this year in Inverness and Cromarty Firth and the Firth of Forth.
“We have worked closely with the Scottish Government throughout, which shows again what can be achieved when Scotland’s two governments work together to promote a fair spread of opportunities across Scotland. The UK Government is focused on levelling up throughout the UK which includes investing more than £2.2 billion in projects in Scotland.”
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