The largest privately funded infrastructure project in Wales is currently underway in the South in the shape of âThe Circuit of Walesâ, which will see a new, world class hub and international destination for technology, engineering and automotive innovation and research & development created.
This development will be the most significant capital investment programme that Wales has ever seen, with the hub covering 63,504 sq m and expected to be used for light manufacturing, industrial and ancillary office use, as well as supporting the retention of skilled labour and creating new employment opportunities.
This £425 million development programme is situated in the Automotive Enterprise Zone, which is the area nominated by the Welsh Government for the transformation of 830 acres that will attract leading OEMs, automotive, composite & materials and component manufacturers.
The Circuit of Wales represents a compelling proposition for the technology and automotive industries, commented Martin Whitaker, the Chief Executive of The Circuit of Wales. The innovation cluster combines state-of-the-art operations for OEMs, automotive, composite, materials and component manufacturers, with a world-class testing facility in one place.
We are already seeing significant interest from a range of industries in partnering with The Circuit of Wales to increase their innovation and research activities. Together with a 365-day-a-year leisure and sports development, The Circuit of Wales will deliver a range of transformative regenerative initiatives â creating high-quality jobs and training opportunities, and drawing increased revenues, businesses and investment to one of the most disadvantaged areas in Wales.
The development will support the South Wales Valleys Region Task Force target of creating 10,000 jobs, with a socially responsible employment strategy focused on building skills through training programmes. It will also inject an estimated £50 million into the Welsh economy each year, so it certainly appears that The Circuit of Wales will be extremely beneficial for the country.