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West Midlands investment zone delivery plan approved

Posted at June 14, 2024 » By : » Categories : News » Comments Off on West Midlands investment zone delivery plan approved

The West Midlands Combined Authority (WMCA) has given the green light to a detailed delivery plan for the Investment Zone.

The plan, endorsed today at a meeting in Wolverhampton, outlines a strategic approach combining tax incentives, direct funding, and business rate retention to support sectors such as advanced manufacturing, green industries, health tech and digital technologies.

Spanning the entire West Midlands region, the Investment Zone will concentrate on three principal sites: the Coventry-Warwick Gigapark, the Birmingham Knowledge Quarter and the Wolverhampton Green Innovation Corridor.

Each site will benefit from financial incentives and infrastructure investments designed to attract businesses and support their expansion.

The approved plan anticipates retaining approximately £1.5 billion in business rates over the zone’s 25-year lifespan, funds earmarked for reinvestment into regional development initiatives.

Initial government funding of £160 million over the next decade will support targeted programmes including supply chain adaptation, research and development grants and skills training.

With approval secured, the delivery plan will now undergo final scrutiny by the Department for Levelling Up, Housing and Communities.

Laura Shoaf, WMCA Chief Executive, said: “At the heart of our plan, which could not have been put together without the invaluable support of our local councils, universities and private sector, is the need for this zone to bring inclusive economic growth to every corner of our region.

“We believe the zone can do that by driving forward the technology based, low carbon industries of the future while attracting top companies from around the world.”

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Article source: https://www.energylivenews.com/2024/06/14/west-midlands-investment-zone-delivery-plan-approved/

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