Over 5,000 jobs are set to be created in the North East after a deal was struck to attract multi-million pound private investment to a new manufacturing site.
The Sunderland City Deal in partnership, signed with nearby South Tyneside was unveiled by cities minister Greg Clark and council and business leaders at the Unipres manufacturing plant in the region yesterday.
As part of the City Deal, the green light has been given for the International Advanced Manufacturing Park (IAMP) which lies across the borders of both Sunderland and South Tyneside.
It is estimated the site will attract up to £295m of private sector investment while creating an estimated 5,200 jobs.
The development, the equivalent of 140 football pitches, is set to house automotive, off-shore and other hi-tech businesses in an effort to build on the North East’s manufacturing heritage.
As well as the park, the deal confirmed £82.5 million towards Sunderland’s new Wear bridge project and backing for developing the city’s Vaux site into a central business district.
Councillor Iain Malcolm, leader of South Tyneside Council, said the deal is of international significance and is comparable to Sunderland’s Nissan factory, the UK’s biggest.
“We know there is potential for manufacturing jobs in our region and strong interest in land for advanced manufacturing, and this deal can now move forward and make it a reality,” he said.
“When it was announced, the deal was being compared in its scale and size to when Nissan first announced that it was moving to the region.”