Investment Zone status for north east Scotland | ONE

The UK Government’s Spring Budget 2023 committed to establishing 12 Investment Zones across the UK. North east Scotland and Glasgow have today been confirmed as the Scottish locations.

North east Scotland will be supported by up to £80 million in targeted investment, tax reliefs and other incentives over five years following a joint selection process by the Scottish and UK governments. Supporting innovation in sectors such as net zero, digital and life sciences.

The region has a unique economic development model with a track record of delivery through effective partnerships between the private and public sectors and a focus on key sector strengths, transformational industry innovation projects and entrepreneurship.

Regional leaders, businesses and universities will take the lead in shaping and developing specific plans for the region’s Investment Zone. The Scottish and UK governments have an equal role in decision-making and overseeing delivery.

Sir Ian Wood KT GBE, chair of Opportunity North East, said: “The awarding of an investment zone to the north east of Scotland is a significant boost to our region and we are grateful to both the Scottish and UK Governments for recognising the need to support us as we continue to transform our regional economy.

“Through the Aberdeen City Region Deal we have a proven track record of working in partnership with government, local authorities and our world-class Universities to deliver transformational projects that align with our clear economic strengths to accelerate the diversification of key sectors across energy, food and drink, life sciences, digital and tourism.

“It is important to move forward at pace so we have established an Investment Zone Steering Group, aligned with our recognised Regional Economic Partnership, to build on this work and identify the sectors and locations that will benefit from the incentives - allowing us to secure sustainable economic growth and job creation whilst supporting a managed and just transition.

“Our reputation as an innovative and productive region is both hard won and well deserved, and today’s announcement will help secure our position as one of most attractive locations anywhere in the UK, and indeed Europe, for investment in low carbon technologies across different sectors.”