The Scotland Government has revealed a plan to provide £45m in additional funding towards research and development (R&D) in the aerospace sector.
To be provided for the next three years, the funding represents a 70% increase in the government’s budget allocated for businesses to conduct new R&D projects.
Disclosing the new plan, Scotland's First Minister Nicola Sturgeon also noted that Spirit AeroSystems Europ has been awarded a contract to build new carbon wing components for the Airbus A320 aircraft at the company’s site in Prestwick.
The contract is supported by a £2.1m R&D investment from Scottish Enterprise and expected to create more than 100 jobs.
Sturgeon said: “R&D drives innovation, which in turn boosts productivity and economic growth. That is why R&D support from our enterprise agencies will increase almost 70%, from £22m to £37m per year. We expect this additional £45m over three years will unlock a further £270m R&D expenditure by companies.
“We need to not only embrace technological innovations, we also must ensure that economic growth is inclusive so that everyone benefits and has a fair chance to contribute.
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By GlobalData“In the coming weeks, I will set out further plans for Scotland’s economy and how we can make further progress towards achieving both of these key aims.”
Scottish Government aims to provide additional funding in the advanced manufacturing, energy and financial technology sectors, as well as help companies to access finance among others.
