Birmingham has unveiled its blueprint to attract £1.5 billion of investment to the city over the next three to five years and create up to 50,000 jobs.
The plan sees the creation of six new economic zones in a move that has been billed as “one of the UK’s most ambitious inward investment strategies” to date.
The six zones will aim to align the city’s planning and economic priorities, creating the opportunity for new tailored space, facilities and support for sectors identified as having the greatest impact on attracting inward investment.
They include business & professional services, creative & digital media, advanced manufacturing, life sciences, food & drink and IT, electronics & communications (ITEC).
Between them the zones will create 1.8 million sq m of new floorspace across the city.
The Advanced Manufacturing Hub will be located at the Aston Regional Investment Site while Tyseley will be home to the Environmental Enterprise District.
A Life Sciences Campus will be created at the Queen Elizabeth Hospital and University of Birmingham in Edgbaston with a dedicated Food Hub at the former IMI site in north Birmingham.
The remaining two zones are the previously announced City Centre Enterprise Zone and Longbridge ITEC Park
The Advanced Manufacturing Hub is the first zone being rolled out to investors with sites already available for occupancy.
Sir Albert Bore, leader of Birmingham City Council, said: “The launch of Birmingham’s Economic Zones Prospectus demonstrates the city’s ambitious vision to become the UK’s enterprise capital.
“Unparalleled collaboration between partners across the city, including Greater Birmingham & Solihull LEP, Birmingham City Council, Business Birmingham and the city’s property community has created a pioneering blueprint for Birmingham’s future economic landscape.
“There is an increasing need to make Birmingham’s economic development globally relevant, creating a sustainable economy that will attract international investment, deliver jobs for our residents and enable both existing and new businesses to thrive here.
“Our economic zones – led by the city’s new Advanced Manufacturing Hub – form a proposition that international investors cannot ignore, and will become the cornerstone of our economic success for decades to come.”