THE delivery of flagship West Midlands Investment Zone started last week, with an announcement of £14.5million funding package.
The cash will be used to begin planning the necessary infrastructure works at the Coventry and Warwick Gigapark site at Coventry Airport and to help small and medium sized enterprises (SMEs) break into new supply chains.
Funding was approved at a meeting of the West Midlands Combined Authority’s (WMCA) Investment Zone Board.
When ready, the Gigapark – which has £2million from the funding – is set to create up to 6,000 new jobs.
The £12.5million programme will work with SME’s in the advanced manufacturing sector to provide intensive technical advice, access to a £6million research and development grant fund, and higher-level management training.
Richard Parker, mayor of the West Midlands and WMCA chair, said: “This new Investment Zone is a cornerstone of my vision to reignite the economic growth this region has long been waiting for.
“After years of missed opportunities, we now have a plan that will draw in over £5billion of private investment and deliver 30,000 new jobs.
“With keen interest already being generated by the first three sites, this funding lays the foundation for business innovation and the creation of high-quality, high-skilled jobs.
“Crucially though, I’m ensuring that local people have the training and skills they need to take full advantage of these opportunities, driving prosperity for everyone across the West Midlands.”
The Coventry and Warwick Gigapark overall is being brought forward through a collaboration between Coventry City Council, Warwick District Council and Warwickshire
County Council, with its main anchor site, Greenpower Park, being delivered through a Joint Venture between Coventry Council and Coventry Airport Ltd.
Coun Jim O’Boyle, cabinet member for jobs, regeneration and climate change at Coventry City Council, said: “Greenpower Park has an important role to play in accelerating the UK’s transition to an electrified economy.
“The WMCA’s approval of the first phase of investment zone funding is a significant step towards boosting our country’s growing battery industry.
“With this strategic investment, Greenpower Park will act as a catalyst for a fully integrated and globally competitive battery ecosystem at the heart of the United Kingdom.”
The zone is powered through three specific sites which benefit from a range of direct funding and in some cases tax incentives – The Coventry-Warwick Gigapark at Coventry Airport, The Birmingham Knowledge Quarter and The Wolverhampton Green Innovation Corridor.
