Up to 1,600 new jobs are set to be created across Fife after £35million funding was awarded to an ambitious industrial regeneration project.
The Fife Industrial Innovation Investment programme will support the creation of 1,000 new skilled permanent jobs and almost 600 short-term construction jobs, with joint working between the region’s universities and Fife businesses key to delivering high value jobs.
Edinburgh and South East Scotland City Region Deal’s joint committee have now approved a £35 million investment in the long-term programme and work will get under way as soon as possible.
As well as developing industrial estates in need of upgrades, the project will also deliver an estimated 130,000 square feet of new offices, industrial space and new storage/distribution facilities.
These have been designed to draw in a diverse range of industries and encourage more businesses to locate and grow in the region, supporting the wider economy.
In addition to the £35m City Region Deal funding, the Fife Industrial Innovation Investment programme will be bolstered by a further £9.2m from Fife Council.
Proceeds from sales of serviced employment land will bring the total investment in the programme to £48.4m.
Fife Council co-leader, Councillor David Ross, said: “The Fife Industrial Innovation Investment Programme is part of our commitment to build modern business premises to facilitate private sector investment to ensure that Fife’s economy is firmly fit for the future.”
His comments were echoed by fellow co-leader Councillor David Alexander, who added: “This initiative will significantly increase the supply of new industrial, office and business space in Fife.
“This will be achieved through direct investment by the council in its existing land holdings and new acquisitions, as well as working with private sector land owners and developers to leverage additional investment and funding into Fife and the City Region.
“This programme builds on previous investment in site infrastructure, such as the Kincardine Training and Enterprise Hub, Levenmouth Business Park, and new business units at Queensway, Glenrothes.”
The City Region Deal investment will be over 10 years and underpins its commitment to supporting long-term approaches to improving regional economies.
Infrastructure Secretary Michael Matheson said the Edinburgh and South East Scotland City Region Deal was designed to deliver inclusive economic growth and distribute the benefits fairly across the entire region.
“The Fife Industrial Innovation Investment programme will utilise £35 million of funding from the Scottish Government through the deal and is especially exciting as it plans to facilitate partnership working with the region’s universities and business community,” he added.
“This joined up approach will ensure that the area benefits from the investment made elsewhere in the deal to spread high value jobs across the Kingdom of Fife.”
The City Region Deal, which was signed last year, secures £1.3 billion of investment for the city region over the next 15 years.
It includes the UK Government, Scottish Government, and local authorities of Edinburgh, East Lothian, Fife, Midlothian, Scottish Borders, West Lothian and the region’s universities and partners.
