The landmark Swansea Bay City Region deal is backed by £125.4 million of Welsh Government funding, including £115.6m of UK Government funding, £396m of other public sector money and £637m private sector investment.
A total of 11 major projects are planned for across the region in sectors such as energy, smart manufacturing, innovation and life science.
First Minister Carwyn Jones was joined by Prime Minister Theresa May, Cabinet Secretary for Finance and Local Government, Mark Drakeford, four council leaders and the Secretary of State for Wales to sign the city deal agreement at a ceremony in Swansea's Liberty Stadium today, 21 March.
With 10,000 jobs set to be created over the next 15 years, Mr Jones said the £1.3bn package will deliver "jobs and economic growth for all of South West Wales, with clear benefits for all the areas involved".
"We have pushed long and hard for this city deal to be signed and have given it our strongest possible backing with £125m of Welsh Government investment," he said.
"Today's announcement is a transformative deal that will drive the regional economy in a new direction, supported by high-quality jobs and a digital infrastructure."
Of the 11 major projects,two specific schemes will be delivered in Carmarthenshire; The £200m Wellness and Life Science Village in Llanelli and the construction of a creative and digital hub at Yr Egin in Carmarthen.
Proposals for the Carmarthenshire Science Village include an Institute of Life Sciences with laboratory and clinic space and an incubation facility for business start-up, research and development; a wellness hub incorporating a state-of-the-art sports and leisure centre, a wellbeing centre, a wellness hotel and an assisted living village set within a green eco-park. Overall, the project aims to create 1,800 jobs and boost the economy by £467m over 15 years.
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In addition, the creative and digital hub at Yr Egin will help develop a creative industry sector cluster, as well as creating around 200 jobs.
In Swansea, the £169m Swansea City and Waterfront digital district project aims to generate more than 1,300 jobs. It will create 100,000 sq ft of new office space on Kingsway in the city centre for tech businesses and to support local enterprise and entrepreneurial talent.
The Life Science & Well-being Campus project will expand research and innovation infrastructure at the Morriston campus, as well as expanding the Singleton Campus.
The Factory of the Future project aims to build the region's strong manufacturing base by creating a network of manufacturing innovation centres to provide small and medium businesses with an opportunity to invest in leading edge manufacturing and digital technologies.
In Pembrokeshire, the £76m Pembroke Dock Marine will establish a marine energy centre around the Port of Milford Haven, becoming the centre for marine energy development, fabrication, testing and deployment.
The Centre of Excellence for Next Generation Digital Services (CENGS) scheme in Neat Port Talbot will establish a hub for innovation, commercialising research and development and supporting start up companies. It aims to bridge the gap between research and innovation and the ability to launch develop and grow commercial opportunities.
The Steel Science Centre project will provide a Centre focusing on providing commercial R&D to address the current and future challenges of sustaining steel-making capacity in the region and the UK. In addition, it will work with industry to reduce its carbon impact and place the region at the front of low carbon production. Support will also be provided for the developments in the steel supply chain and downstream operations.
The other three projects include;
• Led by Pembrokeshire, the Digital infrastructure project aims to improve broadband and mobile continuity
• A Homes as Power Stations project will target both new build housing projects and retrofit of existing housing. The scheme will deliver innovative low carbon homes, supporting carbon reduction targets, and secure housing supply in the region as well as reducing demand on electricity and gas grid systems. A major aim will be to reduce fuel poverty and its impact on health, together with a focus on digital connectivity and smart metering.
• Led by Carmarthenshire a skills and talent initiative will support skills development for all 11 of the city deal projects spread across the Swansea Bay Region. The scheme aims to create, attract and retain a workforce equipped to deliver each of the City Deal projects.
(LM/MH)
