Proposed investment zone could boost growth and jobs in Derby
Published: 5 March 2024
The proposed Investment Zone would focus on green industries and advanced manufacturing to boost growth and jobs
Businesses based at Infinity Park Derby could be set to benefit from the proposed East Midlands Investment Zone.
One of 12 planned across the UK, the East Midlands Investment Zone would offer a range of incentives to firms based within its boundaries, including business rates retention and tax incentives, to help boost economic growth and create thousands of high-quality jobs.
The East Midlands Investment Zone would focus on green industries and advanced manufacturing, boosted by Government investment of £160 million over ten years. It would be managed by the East Midlands Combined County Authority (EMCCA) and could leverage at least £383 million in private investment.
On Wednesday 13 March, the Derby City Council cabinet will be asked to approve plans for the inclusion of Infinity Park Derby as part of EMCCA’s bid to establish an investment zone for the region.
Cllr Nadine Peatfield, Deputy Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Culture and Tourism, said:
Derby is an advanced manufacturing powerhouse, home to world-leading industry, an outstanding university and a skilled workforce.
Having one of the East Midlands Investment Zone sites located here would be great news for the city and its surrounding areas. I look forward to seeing these ambitious plans develop over the coming months.
Infinity Park Derby is a unique collaboration between Derby City Council, the Harpur Crewe Estate, Rolls-Royce and Infinity Park Derby LLP, which includes Wilson Bowden Developments and Peveril Securities. It was awarded Enterprise Zone status in 2016.
The Park is located to the south of the city, next to the world headquarters of Rolls-Royce Civil Aerospace, with Toyota Manufacturing (UK), Bombardier and JCB all close by.
Other proposed sites for the East Midlands Investment Zone include The Centre of Excellence for Modern Construction (CEMC), near Worksop, and Hartington Business Park in Staveley, Derbyshire.
Plans for East Midlands devolution are similar to those already in place in other mayoral regions, like the West Midlands and Greater Manchester, and it is estimated that the region will unlock around £4bn of funding over the coming years.
The East Midlands devolution deal, agreed with Government ministers in 2022, will see Derbyshire, Nottinghamshire, Derby and Nottingham benefit from a £1.14 billion investment fund. All four councils approved the creation of EMCCA in December.
In October 2023, the Government announced around £1.5 billion in transport funding for the East Midlands Mayor.