Plans to create over 30,000 new jobs and attract £5.5 billion in investment through the West Midlands Investment Zone have been given the official go-ahead. The decision was made at a meeting of the West Midlands Combined Authority (WMCA) in Wolverhampton on Friday.
This ambitious initiative covers the entire region, with a significant £23 million investment earmarked for Coventry Airport’s gigapark to stimulate business growth. West Midlands Mayor Richard Parker expressed enthusiasm, calling the plan “an exciting opportunity for our region.”
“The investment zone is a pivotal step towards securing our economic future and providing the jobs our region needs,” Mr. Parker said.
A spokesperson for the WMCA emphasized that while the investment zone encompasses the whole region, it will focus on three key areas. Alongside the proposed gigafactory at Coventry-Warwick gigapark, the Birmingham Knowledge Quarter will receive a £9 million boost, while the Wolverhampton Green Innovation Corridor is set to benefit from £7 million in funding.
Spanning 25 years, the initiative aims to foster growth in advanced manufacturing, sustainable industries, and cutting-edge technologies. Initial plans for the project’s first year will soon be submitted to the Department for Housing, Levelling-up, and Communities for approval, paving the way for funding.
Speaking at the meeting, Birmingham City Council leader John Cotton stressed the need to push forward with “energy and determination” to deliver on the plan. City of Wolverhampton Council leader Stephen Simkins added: “Delays will deny people opportunities, especially our youth, and we’ve discussed the challenges of youth unemployment extensively.”
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