Ryan FowlerThe UK and Scottish governments have confirmed the focus of two new investment zones in Glasgow City Region and North East Scotland, with both expected to deliver a combined £2bn in private investment and support up to 28,000 jobs.
The Glasgow site will centre on advanced manufacturing, with specialisation in space, maritime and semi-conductor innovation.
It is projected to attract £300m of initial private investment and create up to 10,000 jobs. The city already ranks as the world’s second largest producer of small satellites after California, with around 30 companies active in the sector.
Meanwhile, the North East Scotland zone will prioritise green industries alongside digital and tech development.
With a target of £1.7bn in private investment and 18,000 new jobs, the zone will leverage the region’s expertise as it transitions away from oil and gas.
Angela Rayner, Deputy Prime Minister and Secretary of State for Housing, Communities and Local Government, said: “Growing the economy to improve living standards is the number one priority of our Plan for Change, creating opportunities for communities across the UK.
“That’s why we have taken forward Scotland’s two Investment Zones. By building on the amazing strengths Glasgow and North East Scotland already possess, they will attract the investment and drive the growth that people deserve.”
Kate Forbes, Deputy First Minister, said: “Investment Zones will play a role in attracting private investment, growing Scotland’s economy and creating jobs.
“They will help to maximise the impact of our world-class universities and colleges, leveraging our existing research and innovation strengths, and grasping emerging opportunities to support growth in the Glasgow City Region and the North East.”
The Scottish Government will provide Non-Domestic Rates Retention at the sites to reinvest into the zones and their infrastructure.
The model has been tailored in partnership with the UK Government to align with Scotland’s economic priorities, focusing on net zero, advanced manufacturing and digital technologies.
UK Government Scotland Office Minister Kirsty McNeill said: “The Spending Review clearly showed how Scotland is at the beating heart of the UK Government’s Plan for Change and confirmation of the focus for Scotland’s two Investment Zones is an important part of our commitment to drive an industrial transformation across the country.”
Each zone will benefit from £160m of UK Government funding. The Glasgow zone includes sites such as the Advanced Manufacturing Innovation District Scotland in Renfrewshire and the city’s two innovation districts, while the North East zone will cover locations in Aberdeen and Aberdeenshire, including the Energy Transition Zone and Peterhead.
