Mayor of the West Midlands launches Investment Zones for the region
It's set to see billions of pounds of economic growth and jobs.
The West Midlands Mayor has announced the first funding for the region's Investment Zone.
Today, Richard Parker unveiled a £14.5 million funding package which will launch the Birmingham Knowledge Quarter, Wolverhampton Green Corridor and Coventry and Warwick GigaPark.
The Investment Zone aims to drive growth in manufacturing, green industries and technology across the West Midlands.
The three sites within the Investment Zone aim to drive more that £5bn of investment and offer 30,000 new jobs for local people.
Mayor of the West Midlands, Richard Parker, said: 'This new Investment Zone is a cornerstone of my vision to reignite the economic growth this region has long been waiting for.
'This funding lays the foundation for business innovation and the creation of high-quality, high-skilled jobs.'
The delivery of the flagship West Midlands Investment Zone was held nearby Coventry Airport today, which will be home to the Coventry and Warwick GigaPark.
£2 million is being invested into the development of the GigaPark, battery manufacturers and electric vehicle businesses are to be based at the site to help surge local economic growth.
Councillor Jim O'Boyle, from Coventry City Council, was also in attendance today.
Councillor O'Boyle spoke on how the Investment Zone will improve local economy: 'The WMCA's approval of the first phase of investment zone funding is a significant step towards booting our country's growing battery industry.'
Alongside economic growth, developments will provide new jobs for local people. Over 6,000 are predicated to be created from the GigaPark alone.
Richard Parker said employment is a crucial aspect of the Investment Zone: 'I'm ensuring that local people have the training and skills they need to take full advantage of these opportunities, driving prosperity for everyone across the West Midlands.'