The leader of Inverclyde Council has welcomed an £80 million investment in the Glasgow City Region.

Councillor Stephen McCabe says it provides an opportunity for the region, which includes Inverclyde, to build on existing work already being done, including City Deal projects such as the £19.2m Greenock Ocean Terminal development.

Glasgow City Region is one of two Scottish locations along with the North East selected to become an Investment Zone and share £160m of government funding.  

Councillor Stephen McCabe, leader of Inverclyde Council and City Region Cabinet member, said: “On the face of it this announcement is good news for Inverclyde and the wider City Region, coming after the disappointment of losing out on the Green Freeport bid. The City Region will now work up detailed proposals based on the government guidance.

“This new investment should allow us to build on the excellent work that has been done thus far to create opportunities for all City Region members and communities.

“With a focus on innovation, education, research, and training linked to sectors such as net zero, digital, and life sciences, we stand ready to explore potential opportunities for Inverclyde.”

Glasgow City Region and North East of Scotland were selected to be Scotland’s Investment Zones following an agreement between the UK Government and Scottish Government.

Innovation and fair work will be at the heart of the zones, which aim to boost the economy, stimulate business growth and create high-quality, well-paid jobs.

Glasgow City Region and the North East will each be supported by up to £80 million in targeted investment, tax reliefs, and other incentives over five years following a joint selection process by the Scottish and UK governments.

The zones will support innovation in sectors such as net zero, digital and life sciences.

There will be a strong emphasis on fair work, mirroring the arrangements for Green Freeports.

The initiative is to be delivered by each area’s Regional Economic Partnership. They will propose which sectors should be the focus of support, taking into account regional strengths and activity within Higher and Further Education institutions. Regional leaders, businesses, and universities will take the lead in shaping and developing specific plans.

The Scottish and UK governments have an equal role in decision-making and overseeing delivery. 

The UK Government’s Spring Budget 2023 committed to establishing 12 Investment Zones across the UK, and announced eight proposed locations in England, with a further four to be located in Scotland, Wales, and Northern Ireland.