The first Investment Zone in the UK has been announced, with South Yorkshire set to take on the opportunity.
Announced by local leaders and Chancellor Jeremy Hunt, the South Yorkshire Investment Zone is expected to create 8,000 new jobs, as well as bringing in an additional £1.2 billion worth of private investment by 2030. The SYIZ will use £80 million worth of government investment to build upon the region’s history of advanced manufacturing and allow South Yorkshire to become the best place in the world to start, scale or relocate a business. This will also help to boost the UK economy.
Lightweight aeroplane structures will be the focus of the first investment, with more than £80 million being committed to a sustainable aviation research project. This research would form a key part of ensuring that aviation becomes more sustainable.
Oliver Coppard, Mayor of South Yorkshire, said:
“Our Investment Zone will help put South Yorkshire back where we belong; at the forefront of this country’s manufacturing-led growth.
“Technology created in South Yorkshire built the modern world. Because in South Yorkshire we have always known how to deliver practical solutions to big challenges. Yesterday it was stainless steel and our coal industry, today it is AI, Robotics and creating lighter, stronger materials for Jet Zero.
“That’s why this new Investment Zone status is so important. Because with the support of partners… and working with the government, we’re showing we have the tools, the technology, and the confidence to build on our strengths as not just the world’s first, but the world’s best Advanced Manufacturing District.”
Twelve Investment Zones are to be created around the country, based around universities and high-growth industries. The one in South Yorkshire will focus on building on the success of the Advanced Manufacturing Innovation District, whist also expanding it to incorporate Rotherham town centre and Sheffield city centre. Opportunity Sites are also to be created across Barnsley and Doncaster.
A combination of targeted support and financial interventions are to be offered to investors, developers, and start-ups as they look to start, scale up and relocate their businesses. This includes:
- Help with relocating through funding for capital, infrastructure, and feasibility work.
- Help unlocking barriers to planning, with support from dedicated Investment Zone planning officers throughout the process.
- Skills support schemes to upskill workforces and boost opportunities for graduates whilst tackling issues around economic inactivity.
- Supply chain funding to build the capability and competitiveness of suppliers to access regional, national and international growth markets.
Leader of Barnsley Metropolitan Borough Council, Cllr Sir Stephen Houghton CBE, said:
“Although the focus of the project covers Rotherham and Sheffield, the Investment Zone will bring strong benefits to the whole of South Yorkshire. The wider programme will provide us with new opportunities for growth and development in our borough. It will enable us to attract new businesses, provide scale up support to those already here, and create new jobs, which will bolster our local economy through opportunity sites at J36, J37 and in Goldthorpe.
“For The Seam, our digital campus in the town centre, South Yorkshire’s Investment Zone will bolster the already attractive offer for innovative businesses looking to make the most of our pre-existing cluster of digital and tech companies and strengthen the growing reputation for Barnsley as a destination for digital businesses.”
Councillor Tom Hunt, Sheffield City Council Leader, said:
“The Investment Zone will unlock new opportunities and drive sustainable economic growth in Sheffield and across South Yorkshire.
“Sheffield is home to world-class research and development centres, global manufacturing firms, and start-ups and scale-ups that thrive in a city which nurtures innovation. The Investment Zone will build on these foundations. It will connect big business to local supply chains and help us achieve long-term, sustainable growth for Sheffield.
“It is fantastic that South Yorkshire is the first Investment Zone to be announced in the UK. In Sheffield and our region, businesses and researchers are at the cutting edge of new developments in advanced manufacturing, green aerospace, advanced health and wellbeing, clean energy, and the digital sector. The investment zone will provide new opportunities to scale up businesses and create new opportunities for jobs and further investment.
“In Sheffield we have developed strong partnerships between the council, businesses, and academia to create a melting pot for ideas, innovation, and action. By working together with our colleagues in Barnsley, Doncaster, and Rotherham to develop the Investment Zone, we will create new opportunities for the people of South Yorkshire.”
