2 minute read - 1st August 2023
UK’s second investment zone launched in North West
The government has launched England’s second Investment Zone which could attract £320m of private investment and deliver 4,000 jobs across the Liverpool City Region over the next five years.
An initial £10m investment will be made by US pharmaceutical manufacturer TriRx, to enhance its capabilities to manufacture monoclonal antibodies, a type of immunotherapy that works by blocking certain diseases from affecting healthy cells and is used to treat numerous types of cancers, arthritis and skin conditions.
This investment in Liverpool’s existing Speke pharma cluster – home to one of the UK’s leading regions for bioprocessing – is the first step in unlocking a total pipeline up to £320m of private funding from a range of investors in the life sciences sector, helping to deliver over 4,000 jobs in the region over the next five years.
Backed by £80m in government funding, the Investment Zone will benefit from a range of interventions which could include skills, infrastructure and tax reliefs, depending on local circumstances – with the potential to completely transform the region, making Liverpool a pharmaceutical production superpower.
The government says it will continue to work with the Liverpool City Region, University of Liverpool and other local partners to co-develop the plans for their life sciences Investment Zone, including agreeing priority development sites and specific interventions to drive cluster growth, over the summer, ahead of final confirmation of plans.
Steve Rotheram, Mayor of the Liverpool City Region, said: “Our area is fortunate to play home to world-leading clusters in life science research and innovation, which support thousands of secure, well-paid jobs and training opportunities for local people. I am incredibly proud of what our region has achieved in the sector – but this is just a down payment on my future ambitions. I want us to go even further and establish our region at the forefront of UK science and innovation.
“With a potential £310 million worth of investment and thousands of local jobs on offer, it is clear that this is an opportunity worth exploring. Yet, throughout this process, I have been clear that any investment in our area must go much further than purely financial incentives. I want to use our status as a force for good, to connect our residents up to secure, well-paid jobs and training opportunities, and attract transformational investment into our area.”
Six more Investment Zones are to be announced in England – ensuring that there are engines for growth and opportunities for talented people across the country. The news follows the first advanced manufacturing Investment Zone in South Yorkshire, announced earlier this month, which has backing from Boeing and partners with an investment worth over £80m.