Swansea Bay City Region secures over £1.3billion worth of investment by signing ‘Internet Coast’ City Deal with UK and Welsh Governments.
The ground-breaking ‘Internet Coast’ City Deal will harness the transformational power of digital connectivity to accelerate economic growth and prosperity within the Swansea Bay City Region.
City Deals are models of economic growth which provide regions with the opportunity to;
- take charge and responsibility of decisions that affect their area
- do what they think is best to help businesses grow
- identify priorities for economic growth in the region
- decide how funding should be spent to meet those priorities.
City Deals have been well-established in England since 2010 and the ‘Internet Coast’ City Deal for Swansea Bay City Region is the second to be secured in Wales. The Deal focuses on benefits of digital infrastructure, the energy sector, smart manufacturing and innovation of life science both for urban and rural area across the region. In doing so it will provide long term solutions to some of the most pressing challenges of our time in the fields of energy, manufacturing, life sciences and well being.
The development of the ‘Internet Coast’ City Deal for Swansea bay has been made possible through a partnership between the four Local Authorities: Carmarthenshire County Council; Neath Port Talbot County Borough Council, Pembrokeshire County Council and Swansea City Council; Abertawe Bro Morgannwg and Hywel Dda University Health Boards, Swansea and Trinity Saint David Universities and significant private sector involvement and investment.
The City Deal will deliver nearly 10,000 new jobs and increase the value of goods and services produced in the region by £1.8billion, re-balancing the prosperity gap between Swansea Bay City Region and the rest of Wales and the UK.
“Think of the way the internet and broadband networks have transformed communications worldwide. Now imagine the same principle applied to future energy systems, to life science and well-being and any number of other sectors. It is a massive opportunity and with City Deal support we can take a lead position in Wales and make our wider contribution to the UK and to Europe.” – Sir Terry Matthews, Chair of the Swansea Bay City Region Board.
“The City Deal provides a once in a generation opportunity to further consolidate the region’s role in technological innovation and to become lead innovators in developing and commercialising solutions to some of the most pressing challenges in the fields of life sciences, energy, smart manufacturing and digital networks in both urban and rural areas. It provides a unique opportunity to increase prosperity and opportunity for the region.” Mark James, Chief Executive Carmarthenshire County Council.
“The City Deal will be transformational for Swansea Bay City Region, helping revive the region’s economic wellbeing by placing Swansea Bay City Region at the heart of global digital innovation and enterprise. This would benefit existing businesses, help tackle poverty…and encourage entrepreneurial start-up companies to invest and flourish. Our City Deal bid would revolutionise the way sectors like energy, health and social care are delivered here, helping further raise Swansea Bay City Region’s profile across the world as a business-friendly city at the forefront of innovation” – Cllr Rob Stewart, Leader of City and County of Swansea Council.