In a joint agreement, the UK Government and Scottish Government have designated the regions surrounding Aberdeen and Glasgow as Scotland’s Investment Zones.
The announcement, set to boost economic growth and create jobs, is a testament to the strength of partnership between the two governments.
Investment Zones, a key initiative under Prime Minister Rishi Sunak’s levelling up agenda, aim to spur economic growth, create high-skilled jobs, and provide future opportunities for local communities.
The incentives and funding provided by the UK and Scottish governments are expected to attract investment, improve local skills, and enhance business support and infrastructure.
These Investment Zones, focused around research institutions such as universities, aim to drive growth in priority sectors, including technology, creative industries, life sciences, advanced manufacturing, and the green sector.
“This is a 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,” said Secretary of State for Levelling Up, Michael Gove. “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.”
The selected regions, Glasgow City Region and the North East of Scotland, are set to receive a funding envelope of £80m over a five-year period, through the combined effort of different local authorities. The regions were selected based on their research strengths, economic potential, and geographic spread.
“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,” Gove continued. “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.”
Regional leaders, businesses, and universities are set to take the lead in shaping the regional plans, ensuring Investment Zones leverage the entrepreneurial spirit and wealth of research talent across Scotland.
Secretary of State for Scotland, Alister Jack, said: “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.”
The Investment Zones follow the success of the joint UK and Scottish government agreement for two Green Freeports, which are expected to bring forward an estimated £10.8bn of private and public investment and create over 75,000 new, high-skilled jobs.
