The new £60 million funding commitment to the Michelin site in the city will turn “Dundee into the place to be” according to the Scottish Finance Secretary.
The funding package has been agreed to help transform the site of Michelin’s former tyre factory in Baldovie Road.
The investment, which was unveiled today by the Finance Secretary, Derek Mackay, will transform the site into the Michelin Scotland Innovation Parc (MSIP) – an ambitious project “which will aim to bring industry and academia together to focus on low carbon energy and sustainable mobility”.
The major funding commitment, which is supported by Michelin Scottish Enterprise and Dundee City Council, comes just a year after it was announced the Michelin plant at the Baldovie site would close in June 2020.
Speaking at the site today, Mr. Mackay hailed the financial commitment that has been made and promised it would turn the city into a global destination for innovation and investment.
Mr Mackay explained: “I am telling you as Scotland’s finance secretary, Dundee is the place to be.
“What will be going on here is innovation, work on sustainable transport as well as that incubation and business support.
“While none of wished that Michelin decided to seize tyre production in Dundee but what is now emerging from that decision is jobs into the future.
“I am signposting businesses here right now; the financial commitment is a vote of confidence in Dundee.”
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The leader of Dundee City Council, John Alexander also expressed his delight at the funding that had been secured – pointing the potential impact it could not just for the Michelin site, but for the city as a whole.
Mr. Alexander said: “It’s hugely significant for here and the wider city.
“If you had asked me 12 months ago in the aftermath of the announcement then what we would like in a year’s time I would not have necessary said we would be announcing a £60 million investment.
“We can revitalise a key component of the city’s economy and to celebrating this significant investment is no small achievement, we should not underestimate here.
“The work that they will be doing here will be connected to the renewable industry, high growth and high tech.
“We all have ambitions that ultimately we want to save every job and grow on this site but this is also going to be beneficial to companies that are not currently on this site.
“The benefit of what we are doing here will be felt beyond the boundary. The fears of the brain-drain narrative have not been realised.”
The chief executive of the innovation site, John Reid also believed the new site will attract world-class support from businesses and academia.
“Some of the companies we are talking to are the guys at the top, these are the world leaders.
“We have some of the world’s best universities talking to us as well about the innovation hub that we have got.
“We will be building this hub and partnering up with certain universities who have the expertise in the really high tech green energy and sustainable mobility technologies.”