West Midlands Mayor Andy Street says that a new Investment Zone in Coventry would be instrumental in building a new gigafactory in the area – supporting thousands of automotive jobs.
Mr Street heads the West Midlands Combined Authority, which has just submitted bids for zones across the region, including one at Coventry Airport and in its surroundings in Warwick District, with the aim of securing major inward investment in the battery gigafactory project.
Mr Street said: “Everybody knows that Coventry is home to the UK’s biggest cluster of automotive businesses, and that the gigafactory plan is hugely important to the sector’s future.
“It will manufacture the batteries needed for the next generation of electric vehicles to roll off local production lines.
“Well, our bid for an Investment Zone at the gigafactory site will create a favourable climate to secure the £3.4bn in finance to make it happen.
“The gigafactory project is a once-in-a-generation opportunity which would create and protect tens of thousands of jobs.
“These new Investment Zones can potentially supercharge economic growth in places like Coventry, so I’m really pleased that, in close collaboration with local councils, we’ve been able to submit such a strong array of options to Government.
“Special economic areas like this have the proven ability to bring about genuinely transformational change and investment – just look at how the enterprise zones in and around Centenary Square in Birmingham have made a real difference.
“These are truly exciting times for the West Midlands.”
A critical part of the region’s bid is to make sure the unlocking of public sector investment also attracts and accelerates substantial new private sector investment, bringing real benefits for local communities.
The zones would offer tax breaks and other incentives to make it easier, quicker and cheaper for the private sector to do business, helping to attract significant inward investment.