The Investment Zone, a joint initiative from both the UK and Welsh Governments, will drive innovation and growth across the advanced manufacturing and digital and technology sectors, with a focus on the region’s compound semiconductor cluster, the first to be set up in the world. The news came as part of the Industrial Strategy announcement.
The Zone will bolster the existing semiconductor hub in Newport, where key businesses including KLA, IQE and Vishay are located, and develop a science and technology innovation district to become the focus point for R&D activity and investment in Cardiff.
This is expected to attract £500m of private sector investment, create 4,000 new jobs and unlock 3 million square feet of manufacturing, R&D and innovation capacity.
Rebecca Evans, Welsh Government Cabinet Secretary for Economy, Energy and Planning, said: “The Cardiff and Newport Investment Zone marks a transformative step forward for South East Wales and demonstrates our firm commitment to establishing the region as a global powerhouse in compound semiconductors."
“We will continue working closely with the South East Wales Corporate Joint Committee and the UK Government to build on the region’s strengths, attract significant private investment, strengthen regional partnerships and deliver real benefits that people across Wales will feel in their everyday lives.”
Jo Stevens, Secretary of State for Wales, said: “This step forward for the Cardiff Capital Region Investment Zone is a huge boost for the world-class business and industry within the area. It will drive growth, create 4,000 jobs and build on the talent and expertise that already exists in this part of Wales."
“Working alongside Welsh Government we are building the economy of the future and delivering for working people across the country.”
Cllr Mary Ann Brocklesby, Leader, Monmouthshire Council, and Chair, Cardiff Capital Region, said: “This is a tremendous step forward for the Investment Zone. We look forward to building upon our strong industrial base and world-class research in semiconductors to drive innovation in emerging technologies, and fast-growing markets, whilst working together with UK and Welsh Government."
“By aligning our efforts with the region’s unique assets and fostering collaboration across sectors, we aim to create a dynamic environment where new ideas thrive, investment is attracted, and meaningful impact is delivered to people and places across the region.”
