Mayor welcomes go ahead of plans for new business zones including in Wolverhampton
West Midlands Mayor Richard Parker has welcomed plans for an investment zone capable of attracting more than £5.5bn of private investment and over 30,000 new jobs.
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Detailed plans for the delivery of the West Midlands Investment Zone was given the green light on Friday.
The 25-year zone is focussed on driving growth in advanced manufacturing, green industries, health tech and underlying digital technologies and it is hoped businesses within it will benefit from tax incentives, direct funding and business rate retention.
It includes plans for a Wolverhampton Green Innovation Corridor which will create new green industries and skills through a partnership between the city council and university with £7m investment for land remediation and key infrastructure. Two other sites will be set up in Coventry and Birmingham and feature a gigapark and knowledge quarter
Mr Parker said: "The agreement for this deal marks a crucial moment for the West Midlands. I’m thrilled that through co-operation and collaboration with our local councils, universities, and private sector partners, we have paved the way for a future filled with innovation, growth, and investment.
“The approval of this project will promise thousands of new jobs and billions in investment. This initiative is a testament to the power of working together for the greater good of our community and region.
“I especially want to thank all the local authorities involved for helping to get this agreement over the line. We’re giving the West Midlands the economic boost it desperately needs and bringing high quality, high skilled and high paid jobs to every corner of our region."
