The Scottish Government and UK Governments have announced that the North East of Scotland and Glasgow City Region have been chosen as Investment Zones following a joint selection process by the Scottish and UK governments. Each will be supported by up to £80 million in targeted tax reliefs, investment, and other incentives over five years.
Sir Ian Wood said:
“The awarding of an investment zone to the North East of Scotland is a significant boost to our region and we are grateful to both the Scottish and UK Governments for recognising the need to support us as we continue to transform our Regional economy.
“Through the City-Region Deal we have a proven track record of working in partnership with government, local authorities and our world-class Universities to deliver transformational projects that aligns with our clear economic strengths to accelerate the diversification of key sectors across energy, food and drink, life sciences, digital and tourism.
“It is important to move forward at pace so we have established an Investment Zone Steering Group, aligned with our recognised Regional Economic Partnership, to build on this work and identify the sectors and locations that will benefit from the incentives allowing us to secure sustainable economic growth and job creation whilst supporting a managed and just transition.
“Our reputation as an innovative and productive region is both hard won and well deserved, and today’s announcement will help secure our position as one of most attractive locations anywhere in the UK, and indeed Europe, for investment in low carbon technologies across different sectors."