City Region Deal announces £35 million funding.
Up to 1,600 new jobs are set to be created across Fife after £35 million funding was awarded to a visionary industrial regeneration project.
The Fife Industrial Innovation Investment programme will support the creation of 1,000 new skilled permanent jobs and alomst 600 short-term construction jobs.
Edinburgh and South East Scotland City Region Deal’s Joint Committee approved the £35 million investment in the long-term transformative programme for Fife on Friday (1st March).
The project will also deliver an estimated 130,000 sq ft of new offices, industrial space and new storage/distribution facilities. These have been designed to draw in a diverse range of industries and encourage more businesses to locate and grow in the region, supporting the wider economy.
In addition to the £35 million funding through the City Region Deal, the Fife Industrial Innovation Investment programme will be bolstered by a further £9.2 million of funding from Fife Council. Proceeds from sales of service employment land will bring the total investment in the programme to £48.4 million.
Fife Council Co-Leader, Cllr David Ross, said: “The Fife Industrial Innovation Investment Programme is part of our commitment to build modern business premises to facilitate private sector investment to ensure that Fife’s economy is firmly fit for the future.”
Fife Council Co-Leader, Cllr David Alexander, added: “This initiative will significantly increase the supply of new industrial, office and business space in Fife. This will be achieved through direct investment by the council in its existing land holdings, and new acquisitions, as well as working with private sector land owners and developers to leverage additional investment and funding into Fife and the City Region.
“This programme builds on previous investment in site infrastructure, such as the Kincardine Training and Enterprise Hub, Levenmouth Business Park and new Business Units at Queensway, Glenrothes.”
The City Region Deal investment will be over 10 years and underpins its commitment to supporting long-term approaches to improving regional economies.
Infrastructure Secretary, Michael Matheson said: “Using £300 million of Scottish Government investment, the Edinburgh and South East Scotland City Region Deal is designed to deliver inclusive economic growth, providing opportunities and distributing the benefits fairly across the entire region.
“The Fife Industrial Innovation Investment programme will utilise £35 million of funding from the Scottish Government through the deal and is especially exciting, as it plans to facilitate partnership working with the region’s universities and business community. This joined up approach will ensure that the area benefits from the investment made elsewhere in the deal to spread high value jobs across the Kingdom of Fife. I would like to thank those involved for the work undertaken to get to this position which ensures that we can quickly capitalise on the opportunity that the City Region Deal has provided.”
Scottish Secretary, David Mundell, said:“There is good progress being made on the City Region Deal projects. The UK Government is investing £300 million in the Edinburgh and South East Scotland City Region Deal to deliver transformational change, opportunities and inclusive growth to the region. It’s important that we build on our existing strengths, maintain the UK’s position as a world leader in innovation, and create jobs for the future – that is why we’ve so far committed £1.3 billion to city and growth deals across Scotland.”
Additional projects approved by the Edinburgh and South East Scotland City Region Deal Joint Committee were the Central Borders Innovation Park, three skills programmes which will operate across the region, and an investment in the Edinburgh Futures Institute.
The City Region Deal, which was signed last year, secures £1.3 billion of investment for the city region over the next 15 years. It includes the UK Government, Scottish Government, and local authorities of Edinburgh, East Lothian, Fife, Midlothian, Scottish Borders, West Lothian and the region’s universities and partners.