West Midlands Investment Zone plan signed off

Plans to create more than 30,000 new jobs and attract £5.5bn of pounds in investment through the West Midlands Investment Zone have been approved.

The West Midlands Combined Authority (WMCA) signed off on the delivery of the scheme at a meeting in Wolverhampton on Friday.

As part of the zone, which covers the whole region, the gigapark at Coventry Airport will also receive a £23m investment to attract businesses.

West Midlands Mayor Richard Parker said the scheme was “a fantastic opportunity for our region”.

“The investment zone initiative is a ground-breaking and pivotal project to securing our future economic growth and delivering the jobs this region needs,” Mr Parker added.

A WMCA spokesperson said while the investment zone covered the entire region, it would be powered through three specific sites.

Alongside the Coventry-Warwick gigapark, with a proposed gigafactory, the Birmingham Knowledge Quarter will receive a £9m investment, while the Wolverhampton Green Innovation Corridor is also set to receive £7m as part of the scheme.

The 25-year zone is focused on growth in areas such as advanced manufacturing, greener industries and underlying technologies.

Plans for the first year of the project will be submitted to the Department for Housing, Levelling-up and Communities for approval before funding is released for the project.

Birmingham City Council leader John Cotton told the meeting on Friday that they needed to drive the pace and delivery of the scheme with “some force.”

City of Wolverhampton Council leader Stephen Simkins added: “Any delays that come forward are holding people from opportunities, especially the youth and we’ve discussed many times the problems of youth unemployment.”