South Yorkshire was named by the Government on Friday as the site of the first UK investment zone.
Chancellor Jeremy Hunt said the Advanced Manufacturing Investment Zone would help leverage more than £1.2bn of private funding.
He also said it would help support more than 8,000 jobs by 2030 for communities in Sheffield, Rotherham, Doncaster and Barnsley.
The Government plans to create 12 investment zones, which are areas with low tax regimes and little regulation. Each will be supported by £80m from the Government over five years.
The Advanced Manufacturing Investment Zone has already secured £80m of investment due to a partnership between Boeing, Spirit AeroSystems, Loop Technology and the University of Sheffield Advanced Manufacturing Research Centre (AMRC), according to the Chancellor.
Secretary of state for Levelling Up, Housing and Communities Michael Gove said on Friday: ‘Today’s announcement is a significant moment for South Yorkshire as it becomes the home of England’s first advanced manufacturing Investment Zone. This will help level up the region, creating jobs and boosting economic growth.’
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