Sunderland – home to Nissan in the UK – has inked a deal to establish a GBP295m (US$502m) International Advanced Manufacturing Park designed to attract automotive and hi-tech industries which could create new 5,200 jobs.

As well as the park, the deal confirmed GBP82.5m towards Sunderland’s new Wear bridge project and backing to develop the city’s Vaux site into a central business district.

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“This is a very significant moment for Sunderland, for South Tyneside and the wider North East region,” said Sunderland City Council leader, Paul Watson.

“The government recognises how the City Deal is going to be a catalyst for future economic growth. This park and its regeneration benefits will be seen and felt across the whole North East region and indeed the country.

“We have worked closely with the government, with the North East Local Enterprise Partnership (NELEP) and we received tremendous backing from business and the private sector.

Deputy UK Prime Minister, Nick Clegg, invited Sunderland and South Tyneside to bid for the deal at the beginning of 2013 and approved it in March this year.

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“This deal is of international significance and shows the scale of our shared ambition and our commitment to economic growth in spite of the difficult financial climate,” said South Tyneside leader, Iain Malcolm.

“We know there is potential for manufacturing jobs in our region and strong interest in land for advanced manufacturing – this deal can now move forward and make it a reality.

“In South Tyneside we have secured record levels of investment in recent years, and we are continuing to invest through things like the GBP100m South Shields 365 vision. 

“Above all, today is about councils and business working together to create the jobs and growth the area needs.”

The initiative will see Sunderland and South Tyneside working closely with the NELEP, plus Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland Combined Authority.