Almost £2 billion worth of funding bids have been made to Glasgow City Region’s £160 million Investment Zone since the beginning of the year.
It comes after an open call for businesses, which ran from January until the end of March 2024, saw more than 41 key projects submitted for funding in Life Sciences, Advanced Manufacturing and Precision Engineering and Enabling Technologies. Last June it was announced that Glasgow City Region was one of two new Scottish investment zones to benefit from investment, tax reliefs and other incentives over ten years for a package of local projects which will further boost the innovation economy.
“With nearly £2 billion worth of project funding bids submitted for the Investment Zone, the level of interest goes far beyond our initial expectations. It tells us businesses are ready to seize these emerging opportunities. But also, that these dynamic and growing sectors recognise something significant and exciting is happening right here in metropolitan Glasgow and they’re determined to be part of that.
The applications will now be reviewed and assessed over the coming weeks, as part of the process to collate the Region’s formal proposal including the final package of projects, for consideration and approval by the UK and Scottish Governments.