Liverpool Investment Zone to deliver 4,000 jobs and boost medical …
Liverpool’s Investment Zone is paving the way for medical innovation and thousands of jobs. Sylvio Tüpke, Max Planck Institute for Evolutionary Anthropology
The Liverpool Investment Zone has taken a significant stride towards becoming a major hub for medical innovation and life sciences in the United Kingdom.
Announced on 27th July, this investment zone is the second of its kind after South Yorkshire and is expected to unlock £320 million of private investment and generate 4,000 new jobs across the North West of England, including the cities of Liverpool, St Helens and Runcorn, within the next five years.
With a clear focus on bolstering the life sciences sector and expanding the pre-existing Speke Pharma cluster, the government aims to transform the Liverpool City Region into a “pharmaceutical production superpower”.
As part of this vision, £80 million in funding will be allocated to enhance areas such as skills and infrastructure. TriRx, a renowned US pharmaceutical[1] manufacturer, has already made an initial investment of £10 million, while the University of Liverpool is actively collaborating with the zone.
Kiera O’Keeffe, the Institute of Export & International Trade (IOE&IT) lead for foreign direct investment (FDI) strategy and investment zones, expressed enthusiasm about the significant boost this investment zone will provide to the Liverpool City Region. O’Keeffe highlighted the opportunity for advancement in life sciences research and development for the UK, underlining the commitment of IOE&IT to support the investment zone.
The IOE&IT has been closely connected with the Liverpool region and is eager to continue building on their successful relationship, further transforming and translating their joint work into successes for the region’s new investment zone.
Minister Lee Rowley emphasised that the establishment of investment zones will drive growth throughout the UK, leading to over £300 million of private investment and creating 4,000 well-paid jobs in the Liverpool City Region. These developments will build upon the city’s world-leading reputation in medical science, solidifying its status as a centre of excellence.
The concept of investment zones was introduced by former Chancellor Kwasi Kwarteng in his 2022 “mini-budget”, and Jeremy Hunt, his successor, made adjustments to the policy, reducing the number of designated sites to 12 as part of the 2023 Spring Budget package.
Responding to the 2023 budget, IOE&IT Director General Marco Forgione lauded the policy, emphasising its potential to accelerate much-needed research and development in the UK’s “most budding industries” and ensure the nation remains competitive in trade in services.
Looking ahead, the UK government plans to announce six additional investment zones in England, with expectations for two more in Scotland, focusing on the Glasgow City Region and the North East of Scotland due to their potential for growth. Engagements with devolved governments in Wales and Northern Ireland are also in progress to explore the possibility of further investment zones.
While the news of the Liverpool Investment Zone has been met with excitement and optimism, Mayor Steve Rotheram envisions it as only the beginning of a broader ambition for the region. He aims to establish the Liverpool City Region as a leader in science and innovation.
Additionally, Liverpool is already home to one of England’s eight freeports, with John Lucy, Liverpool City Region Freeport director, acknowledging that the investment zone will complement the benefits of the existing freeport, which has been operational since January, generating thousands of new jobs and contributing £850 million to the local economy.
The unveiling of the Liverpool Investment Zone marks a pivotal moment in the city’s journey towards becoming a prominent centre for medical innovation and life sciences[2]. With ambitious plans to attract private investment, create thousands of jobs and strengthen its position in the pharmaceutical industry, Liverpool is set to make a lasting impact on the UK’s economy and scientific landscape.
As the government proceeds with the announcement of more investment zones, the nation’s potential for growth and development across various sectors is expected to soar, cementing its position on the global stage.
References
- ^ European shares edge up on pharma boost, UK’s FTSE 100 nears record-high (www.ibtimes.co.uk)
- ^ Secretary of State breakdowns life sciences growth package worth £650 million (www.ibtimes.co.uk)