New economic plan to make Oxfordshire global innovation centre
A new economic blueprint for Oxfordshire, designed to cement the county’s reputation as one of the foremost areas in the world to innovate, has been unveiled.
Developed by the Oxfordshire Local Enterprise Partnership in collaboration with local authorities, businesses, and central government, the Oxfordshire Local Industrial Strategy sets out how the area will contribute towards the national Industrial Strategy’s aim to raise productivity levels and to create high-quality, well-paid jobs across the country.
At its heart, the new Local Industrial Strategy has a clear ambition to help Oxfordshire become a top three global innovation hub by 2040, including through enhanced support for innovative scale-up businesses, transforming and expanding science and technology parks, and the potential creation of new Global Business District as part of Oxford Station quarter.
The strategy also outlines measures to increase social mobility and proposals to establish an Oxfordshire Entrepreneurship Hub to support students and young people develop new business ideas.
Business Secretary Greg Clark said: “Oxfordshire has been at the centre of innovation in the UK for centuries and the Local Industrial Strategy released today will go even further to help maximise this, boosting earning power and opportunities for local people and businesses.
“The Oxford-Cambridge Arc is an area renowned for its world-leading research and development, science and technology sectors, backed by government with record level of investment in R&D and the Oxfordshire Local Industrial Strategy – one of four published across the area today – ensuring these high performing industries continue to work together to share their knowledge and increase productivity even further in the local economy.”
Nigel Tipple, Chief Executive of the Oxfordshire Local Enterprise Partnership, said: “The ambition for the Oxfordshire Local Industrial Strategy is to position the county as one of the top-three innovation ecosystems anywhere in the world, highlighting our world-leading science and technology strengths and – in-turn – to be a pioneer for the UK and our emerging transformative technologies.
“By investing in Oxfordshire, we will be able to deliver for the UK – creating jobs and reinforcing our current position as one of just three net contributors to the national economy.
“We are responding to the government’s Industrial Strategy, which aims to boost productivity and create more prosperous communities.”