The UK Government has announced a bid to turbocharge investment in Glasgow and the West of Scotland and help kickstart the regional economy.
Labour Chancellor Rachel Reeves last week announced a package of reforms designed to help attract investment and boost regional growth.
The move is designed to help bring investment in emerging sectors including technology and green energy to former industrial heartlands.
The UK Government has said that the National Wealth Fund (NWF) and the Office for Investment (Ofi) will work with local leaders to support inward investment.
Glasgow City Region – a collaboration of eight local authorities, including West Dunbartonshire – is one of four areas to be selected to trial new Strategic Partnership working.
Greater Manchester, West Yorkshire and the West Midlands will also benefit from the project to provide enhanced, hands-on support with tailored commercial and financial advice.
It is hoped the initiative will help the selected regions develop secure and long-term investment opportunities and fuel the next wave of economic growth.
Dumbarton constituency MSP Jackie Baillie, welcomed the backing from the UK Labour government, saying: “This is a new approach from the new UK Government, which will put local knowledge and leadership at the forefront, to help bring tailored strategies to specifically benefit the strengths of each region.
“The Glasgow City Region, which includes West Dunbartonshire, can benefit enormously from this input to kickstart investment and growth and capitalise on available opportunities.
“These initiatives will test how government can work with regions to see where investment has a meaningful role to play in driving growth.
“Economic growth is the best way to improve people’s standard of living and put more money in working people’s pockets.”
The National Wealth Fund has already made a huge impact in the last six months, supporting regional growth to create 8,600 jobs and unlocking nearly £1.6 billion of private investment in industries such as digital infrastructure and manufacturing.
The Ofi is already working closely with regional leaders and industry to turn regional growth plans into commercially significant investment opportunities.
West Dunbartonshire is already the site of the £44 million investment project to transform Bowling’s former Exxon oil terminal site.
The joint project between Glasgow City Deal and West Dunbartonshire Council will improve transport infrastructure on the A82 and unlock the potential of the disused site.
West Dunbartonshire’s Labour MP, Douglas McAllister, also welcomed the announcement, saying: “The latest programme has been launched in recognition of the nation’s potential and to drive forward ambitious projects in support of this Labour government’s mission on growth and clean energy.
“The government is committed to working in close partnership with the devolved governments through the National Wealth Fund to maximise investment opportunities to deliver growth in Scotland.
“It has long been known that our towns and cities have huge potential and this will help deliver on improved living standards by spreading opportunities across wider regions and expanding the productivity associated with major cities like Glasgow and Manchester.”
Since entering office, the government has been focused on restoring economic stability, the foundation of growth, to give businesses the confidence to invest and expand in the UK.
Securing investment is also central to the government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.
Further action to drive regional growth will also include a review of the Green Book – government guidance on value for money – and how it is being used across the public sector to provide objective, transparent advice on public investment across the country.
