Plans to create over 30,000 jobs and attract £5.5 billion in investment through the West Midlands Investment Zone have been approved.
The West Midlands Combined Authority (WMCA) approved the scheme at a meeting in Wolverhampton on Friday, June 14.
The investment zone, covers the entire region.
It includes a £23 million investment for the gigapark at Coventry Airport to attract businesses.
West Midlands Mayor Richard Parker hailed the scheme as “a fantastic opportunity for our region.”
25-year project focuses on growth in advanced manufacturing, greener industries, and underlying technologies
A WMCA spokesperson said the zone would be powered through three specific sites:
- The Coventry-Warwick gigapark with a proposed gigafactory
- The Birmingham Knowledge Quarter, receiving £9 million
- The Wolverhampton Green Innovation Corridor set to receive £7 million
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The 25-year initiative focuses on growth in advanced manufacturing, greener industries, and underlying technologies.
Plans for the project’s first year will be submitted to the Department for Housing, Levelling-up, and Communities for approval.
Funding is dependent on it being approved
Birmingham City Council leader John Cotton stressed the urgency of accelerating the pace and delivery of the scheme.
City of Wolverhampton Council leader Stephen Simkins highlighted that delays would hinder opportunities, particularly for youth facing unemployment challenges.
The West Midlands Investment Zone aims to stimulate economic growth and job creation.
It will use significant investments in key areas to build a robust and innovative regional economy.
