Investment Zone to drive innovation and growth in advanced manufacturing, digital and technology sectors
- Zone will develop semiconductor hub in Newport and science and tech park in Cardiff as part of the government's transformative Industrial Strategy announced today
- Expected to attract £500m private sector investment and create 4000 new jobs as part of the government's Plan for Change
The Cardiff Capital Region Investment Zone has taken a major step forward with the announcement of its industrial and key sites, giving a huge boost to regional investment and job creation.
The Investment Zone - a joint initiative between the UK and Welsh Governments - will drive innovation and growth across the advanced manufacturing and digital and technology sectors, with a focus on the region's world-class compound semiconductor cluster.
Backed by £160m of UK Government funding, the Zone will develop the semiconductor hub in Newport, where key businesses including KLA, IQE and Vishay are located, and develop a science and technology park to become the focus point for R&D activity and investment in Cardiff.
The Investment Zone - one of two planned for Wales - is expected to attract £500m of private sector investment, create 4000 new jobs and unlock 3m square feet of manufacturing, R&D and innovation capacity.
UK Minister for Building Safety, Fire and Local Growth Alex Norris said:
Unleashing the potential of our cities and regions is at the heart of the Industrial Strategy and the Plan for Change.
The Cardiff Capital Region Investment Zone Investment Zone, which we're backing with £160m of funding, will build on the region's industrial strengths to shape an exciting future for local people - creating new skilled jobs and driving economic growth locally and across Wales.
Welsh Secretary Jo Stevens said:
This step forward for the Cardiff Capital Region Investment Zone is a huge boost for the world-class business and industry within the area.
It will drive growth, create 4,000 jobs and build on the talent and expertise that already exists in this part of Wales.
Working alongside Welsh Government we are building the economy of the future and delivering for working people across the country.
Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said:
The Cardiff and Newport Investment Zone marks a transformative step forward for South East Wales and demonstrates our firm commitment to establishing the region as a global powerhouse in compound semiconductors.
We will continue working closely with the South East Wales Corporate Joint Committee and the UK Government to build on the region's strengths, attract significant private investment, strengthen regional partnerships and deliver real benefits that people across Wales will feel in their everyday lives.
Cllr Mary Ann Brocklesby, Leader, Monmouthshire Council, and Chair, Cardiff Capital Region said:
This is a tremendous step forward for the Investment Zone. We look forward to building upon our strong industrial base and world-class research in semiconductors to drive innovation in emerging technologies, and fast-growing markets, whilst working together with UK and Welsh Government.
By aligning our efforts with the region's unique assets and fostering collaboration across sectors, we aim to create a dynamic environment where new ideas thrive, investment is attracted, and meaningful impact is delivered to people and places across the region.
The news comes as part of the Industrial Strategy announcement today (Monday).
As set out in the strategy, advanced manufacturing and digital and technology are two key growth-driving sectors.
The news follows the confirmation of the industrial and geographic focuses of two Investment Zones in Scotland earlier this month, and the Wrexham and Flintshire Investment Zone earlier this year.
