An investment zone that aims to support the creation of 4,000 new jobs has been announced.
The area, which is backed with £160m in Government funding, will cover an “Arc of Innovation” that stretches from Northumberland down to Sunderland and Durham, and includes the Tyne Corridor. It aims to boost the region’s existing expertise in automotive and advanced manufacturing, electric vehicle production, battery manufacturing, the offshore wind sector and advanced low-carbon materials.
Sites in the investment zone will benefit from a mix of tax incentives and infrastructure investment, as well as support for skills and innovation. Details of the zone have been released as Nissan restated its commitment to the North East with plans to build three electric car models at its Sunderland plant.
Read more: Nissan to produce new electric vehicles at Sunderland
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North Tyneside mayor Dame Norma Redfearn, who is overseeing the creation of a new North East mayoral authority, said: “I am incredibly proud of our region’s rich industrial heritage and the positive steps we are taking together to be world leaders in clean energy and green manufacturing. This will secure jobs now and create positive opportunities for future generations.
“This announcement will be a real boost to the region, creating even more skilled jobs and helping us collectively grow a bigger and better economy. Communities across the whole region will benefit from this announcement which will contribute significantly to our devolution plans to create good jobs and help reduce inequality.”
Plans for 12 investment zones in eight areas of the country were announced by Chancellor Jeremy Hunt in March’s Budget. The zones included sites in the North East and the Tees Valley, and were said to be based on research institutions like universities and focussed on creating jobs in key economic sectors.
More detailed plans for some of those zones, including South Yorkshire, West Yorkshire and the Liverpool city region, have already been announced.
Coun Graeme Miller, interim portfolio holder for finance and investment for the new combined authority and leader of Sunderland City Council, said: “This is a great day for the North East with not only fantastic news from Nissan, but also the announcement of our Investment Zone which will be focused on Advanced Manufacturing and Green Industries.
“As well as creating skilled jobs in these key sectors, there will be a significant knock-on benefit of jobs across supply chains and in construction, which we believe will act as a catalyst for further private sector investment and opportunities across our communities.”
