South Yorkshire Investment Zone to create thousands of new jobs

South Yorkshire Leaders and the Chancellor Jeremy Hunt have announced the first Investment Zone in the UK. It’s expected to create 8,000 new jobs for South Yorkshire and bring in £1.2bn worth of private investment by 2030.

Using government support worth £80m, the new Investment Zone will use the region’s success in advanced manufacturing and will help make South Yorkshire the best place to start, scale or relocate businesses from around the world, boosting the UK economy.

The first investment announced is a more than £80m Boeing-led research project into manufacturing lightweight structures for aeroplanes a key part of making aviation more sustainable.

Compass (Composites at Speed and Scale) will be built as an extension to the University of Sheffield Advanced Manufacturing Research Centre’s Factory 2050. It will be built with support from the South Yorkshire Mayoral Combined Authority, Sheffield City Council and the High Value Manufacturing Catapult.

South Yorkshire’s Mayor Oliver Coppard 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.”

The Investment Zone the first of 12 new zones built around universities and high-growth industries will build on the success of South Yorkshire’s Advanced Manufacturing Innovation District (AMID), expanding it to incorporate Rotherham town centre and Sheffield city centre, with Opportunity Sites across Barnsley and Doncaster.

Supply chain funding to build the capability and competitiveness of suppliers to access regional, national and international growth markets.

City of Doncaster council leader, Mayor Ros Jones CBE said: “Doncaster is primed and ready to take advantage of the benefits being part of an Investment Zone will bring. We have the advantage of four large employment sites all with excellent connectivity and already designated in our Local Plan.”

Sheffield City Council Leader, Cllr Tom Hunt said: “The Investment Zone will unlock new opportunities and drive sustainable economic growth in Sheffield and across South Yorkshire.

“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.”

By Mark Adair – Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →