£23m Boost for Coventry-Warwick Gigapark to Attract Business Investment

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The Coventry-Warwick Gigapark has secured a significant £23 million investment aimed at attracting businesses to the region. This investment is part of a detailed strategy for the West Midlands Investment Zone, which received approval today.

The Investment Zone is expected to attract over £5.5 billion in private investment and create more than 30,000 new jobs. Meeting in Wolverhampton, the West Midlands Combined Authority (WMCA) Board approved a comprehensive delivery plan that combines tax incentives, direct funding, and business rate retention to support the zone.

The plan focuses on driving growth in advanced manufacturing, green industries, health technology, and digital technologies. While the Investment Zone covers the entire West Midlands, it will be powered by three key sites, each offering tailored funding and incentives for businesses.

Key Sites and Investments

Coventry-Warwick Gigapark: Anchored by a new battery gigafactory at Coventry Airport, this site will benefit from tax incentives, business rates retention, and a £23 million investment for land remediation, infrastructure development, and power grid connections. The Gigapark aims to attract related businesses and technologies, establishing itself as a centre for advanced manufacturing and green industries.

Birmingham Knowledge Quarter: This site stretches northeast from Birmingham City and Aston universities through Duddeston and Nechells to Aston. It will offer tax incentives and business rates retention, along with a £9 million investment for public realm improvements and active travel infrastructure to attract investment.

Wolverhampton Green Innovation Corridor: Focused on developing new green industries and skills, this site will see a partnership between the city council and the university. It will receive a £7 million investment for land remediation and key infrastructure development.

Vision and Objectives

The initiative is already attracting significant private sector interest, with expectations that the plan’s implementation will bring in additional billions in investment and create tens of thousands of jobs. This initiative aims to benefit both businesses and local communities by creating employment opportunities.

A comprehensive skills programme is a central part of the plan, designed to equip local residents with the necessary skills for new jobs in technology-based and green industries. Developed with extensive support from local councils, universities, and the private sector, the plan seeks to foster inclusive economic growth across the region.

Financial Framework and Prospects

The Board learned that starting development quickly could potentially retain around £1.5 billion in business rates over the zone’s 25-year lifespan. This retention would enable reinvestment into the region rather than returning funds to the government. The reinvestment would support a thorough business support and skills programme, established in the first year with £19 million from the £160 million of government funding allocated to the West Midlands zone over the next decade.

Key programmes to support priority sectors and enhance regional skills and business support include:

  • £5 million for supply chain adaptation, helping businesses maximise new Investment Zone opportunities.
  • £5 million in research and development (R&D) grants.
  • £5 million for Level 4/5 and other skills training, preparing local residents for high-tech investment demands.
  • £2 million for promoting the zone and accelerating investor interest.
  • £2 million to help innovative companies grow alongside angel investors, building on existing regional programmes.

Collaborative Efforts and Future Developments

The West Midlands delivery plan has been rapidly developed with significant backing from the region’s public, private, and university sectors since the government’s formal launch of the zone in April. The zone aims to initially attract over £2 billion in new investment into the regional economy, with an additional £3.5 billion over its lifetime, creating more than 30,000 jobs by 2034.

The delivery plan will now be submitted to the Department for Levelling Up, Housing and Communities (DLUHC) for final approval, which will release the allocated funding. Today’s WMCA Board meeting in Wolverhampton’s Civic Centre also marked the first participation of Warwick District Council following its decision to join the WMCA as a non-constituent member. The council is a key partner in the Coventry-Warwick Gigapark site, part of which is within its boundaries.

The £23 million investment in the Coventry-Warwick Gigapark represents a significant step towards attracting businesses and promoting economic growth in the West Midlands. With well-defined plans and collaborative efforts, the Investment Zone is set to transform the region into a dynamic hub for advanced manufacturing, green industries, and digital technologies. This initiative promises inclusive economic growth and substantial job opportunities for local communities. As the delivery plan advances, ongoing developments and investments will continue to shape the future of the West Midlands, positioning it as a leader in innovation and sustainable development.

Danielle Trigg
Danielle Trigghttps://newswriteups.com/
Journalist Danielle is a skilled journalist specializing in regional coverage across the United Kingdom. With her wealth of experience and in-depth knowledge, Danielle dives into the stories that matter to local communities. Her meticulous research and engaging writing style captivate readers, providing them with a comprehensive understanding of the dynamic business landscape. Danielle's commitment to delivering accurate and thought-provoking news sets her apart, making her an invaluable asset to the News Write Ups team. danielle@newswriteups.com

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