Investment zones are a crucial part of levelling up, and are designed to deliver economic growth, more high skill jobs, investment, and future opportunities for local people—a key priority for the Prime Minister.
The UK and Scottish Government have jointly announced that there will be two investment zones in Scotland and that the Glasgow city region and north-east of Scotland region offer the most potential to host these. This is a significant milestone for the investment zone programme, and for our wider ambition to level up the whole of the UK as set out in the levelling up White Paper.
This is the result of significant joint work between the UK and Scottish Governments to identify investment zone areas in Scotland, reflecting Scotland’s specific geography and economic landscape. The speed at which we have been able to develop this work is testament to the strength of the partnership between the UK and Scottish Governments. The locations of the Glasgow city region and the north-east of Scotland have been selected based on several criteria, including their research strengths, an assessment of economic need and potential, and a consideration of geographic spread.
Subject to final approval, investment zones will benefit from an overall funding envelope of £80 million each over five years. They will help to level up Scotland and drive long-term innovation and economic growth in selected areas. These will be focused around research institutions such as universities and focus on driving growth in priority sectors including digital technology, the creative industries, life sciences, advanced manufacturing and the green sector.
Our ambition is for these investment zones to make the most of both reserved and devolved policies as is the case with green freeports. We will publish further information jointly with the Scottish Government in due course and will continue to work in partnership, including with regional partners, the private sector and communities across Scotland to ensure our programmes’ overall objectives are achieved.
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