Business and political support for north-east investment zone
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The establishment of an Investment Zone in the north-east region which was announced last week has been welcomed by Aberdeenshire East’s MSP, Gillian Martin.
The region has been selected to receive up to £80 million in support over a period of five years.
Ms Martin has however expressed a hope that this will be followed up with a positive decision by the UK Government on the Acorn Carbon Capture and Storage project.
The aim of the Investment Zones is to boost the economy, promote business growth, and create high-quality, well-paid jobs - innovation and fair work will be at the heart of Scotland’s first two Investment Zones.
A second Investment Zone will be established in the Glasgow City Region.
The Scottish Government have adjusted the UK Government's Investment Zone model to align with the National Strategy for Economic Transformation and to support innovation in sectors such as net zero, digital, and life sciences. There will be a strong focus on fair work, similar to the arrangements in place for Green Freeports.
The implementation of this initiative will be carried out by the area’s Regional Economic Partnership, who will propose the sectors that should receive support, taking into consideration regional strengths and activity within Higher and Further Education institutions
The plans and strategies will be developed and shaped by regional leaders, businesses, and universities.
The Scottish and UK governments will have an equal role in decision-making and overseeing the delivery of these Investment Zones.
Gillian Martin MSP commented: “I am pleased with the decision to establish an Investment Zone in the North East, which signifies a commitment to driving economic growth and innovation in Scotland while working toward our specific priorities.
"The north-east already has a strong foundation of innovation and research but the Investment Zone will allow us to scale up.
“The support of up to £80 million will be a substantial boost to the north-east and will go a long way in bolstering our strong, innovative sectors such as energy and renewables.
"The north-east has earned its spot as one of the most attractive places for inward investment and the establishment of an Investment Zone will only strengthen the case for further investment in the region.
“However what will also make a significant difference in the north-east’s and wider Scotland’s transition goals will be a speedy decision by the UK Government on giving Track 2 status to the Acorn Project and Scottish Cluster. This has the potential to decarbonise around 30 per cent of Scotland’s industrial emissions and create many North East jobs. I hope there is another imminent announcement.”
Commenting on the news, Aberdeen and Grampian Chamber of Commerce Chief Executive Russell Borthwick said: “This is a significant vote of confidence in the future of our region, signalling that the North East is very much open for business, with an exciting future ahead.
“Aberdeen and Grampian has led the world in key sectors of strength such as energy and food and drink over many years.
“The Investment Zone model requires all-hands-to-the-pump collaboration in delivery, with public and private sector leadership, our pioneering universities, the highly-skilled workforce that exists in our region and individual businesses all at the heart of ensuring we succeed.
“Aberdeen and the wider north-east is well placed to build on the success of our highly successful City Region Deal which is viewed as an exemplar of its type in the UK due to pace of delivery and the scale of private, public and not-for-profit funding which has been leveraged in to anchor projects.
“From £250 million, it has created £1 billion of investment to date, with several projects already realised and making a real different to our economy.
“Our continued success as a region cannot be taken for granted, but today’s announcement supplies us with a powerful tool to sustain economic growth, turbocharge energy transition and diversify our economy at pace.”
