Media-Sales-Executive

News - Construction News

Prime Minister signs £1.3Bn Swansea Bay City Region deal



The Prime Minister, Theresa May has signed a deal  for the Swansea Bay City Region that will see a record £1.3Bn invested to place Wales “at the forefront of science and innovation”.

Mrs May met Wales’ First Minister, Carwyn Jones, to put the finishing touches to agreement before signing off on the deal at a ceremony at Swansea’s Liberty Stadium, where she also met with representatives from a range of sectors and businesses.

The project represents the biggest single investment in the region and is expected to create 10,000 new jobs over the next 15 years.

The funding is made up of £115M from the UK government, £125.4M from the Welsh government and £396M from businesses, with the rest coming from local area and university contributions.

The region will see major investment in 11 projects in energy, smart manufacturing, innovation and life science sectors.

A £200M wellness village and life sciences village at Delta Lakes, Llanelli will include an Institute of Life Sciences complete with a laboratory and an incubation facility for business start-up, research and development.

In addition, a ‘wellness hub’ will house a state-of-the-art sports and leisure centre, a wellbeing centre, a wellness hotel and an assisted living village set within a green eco-park.

It believed that this project alone will create 1,800 high-quality jobs and boost the economy by £467m over 15 years.

Swansea will see the creation of £169m Swansea City and Waterfront digital district that is envisaged will generate more than 1,300 jobs. 100,000 sq ft of new city centre office space will provide homes for tech businesses and also support local enterprise and entrepreneurial talent.

At a cost of £76M, the Pembroke Dock Marine will see a marine energy centre established around the Port of Milford Haven, providing a focal point for marine energy development, fabrication, testing and deployment.

A partnership with TATA steel based in Neath Port Talbot, will establish an innovation and knowledge centre for steel that will research the manufacturing of zero carbon steel.

Speaking before signing the deal, Mrs May said: “”Wales’ universities already have an excellent international reputation.

“They attract overseas students and pioneer in research projects here and abroad.

“I also want Wales to be at the forefront of science and innovation, as demonstrated by today’s landmark city deal for Swansea.

“The deal is a great example of what can be achieved when the UK Government, the Welsh Government and local authorities work together to secure a deal that benefits the city and the whole of Wales.”

First Minister Carwyn Jones said: “This is a package which will deliver jobs and economic growth for all of south west Wales, with clear benefits for all the areas involved.

“Today’s announcement is a transformative deal that will drive the regional economy in a new direction, supported by high-quality jobs and a digital infrastructure.”

If you would like to read more articles like this then please click here

  •