THE new business and innovation enterprise zone which is expected to create 7,000 new jobs and bring 300 new businesses to Brierley Hill has been officially launched.

DY5 is set to be the high-tech hub of the Black Country, offering business rates reductions of up to £55,000 per annum over a five year period and improved transport links when the new Metro line opens in 2023.

As well as offering high quality, low cost office accommodation at The Waterfront, it also offers a range of space at nearby industrial estates, with construction of brand new large scale industrial units already under way.

The enterprise zone will show the world that Dudley is "very much open for business", according to West Midlands Mayor, Andy Street.

Mr Street, who spoke at today's launch at the Copthorne Hotel, told business leaders: “We have something here to be proud of.

“I am a huge supporter of Enterprise Zones and the benefits they can bring – I am absolutely certain that DY5 will bring the same results to Dudley that other across the region have already delivered.”

Stourbridge News:

L-R: Black Country LEP board member Tom Westley, Dudley Council's regeneration chief cllr Ian Kettle, West Midlands Mayor Andy Street, Mayor of Dudley cllr Dave Tyler, Dudley Council leader cllr Patrick Harley and Alan Lunt, Dudley Council's strategic director for place

West Midlands MEP James Carver (pictured below) said the enterprise zone will be able to take advantage of Britain’s global place in the world "free from the shackles of the European Union".

After attending the launch, Mr Carver, a UKIP MEP, spoke of the continuing importance of the British economy to European nations and the opportunities presented by Brexit for the UK to search out more markets across the world, free from trading constraints imposed by the EU.

Stourbridge News:

He said: “Initiatives such as DY5 will be able to attract organisations not only from within our shores but from around the world as we take back the power to control our own destiny.”

DY5 is expected to boost the local economy by nearly £600 million a year, which mirrors the leader of Dudley Council, Councillor Patrick Harley's plans for the borough.

He said: “My vision for Dudley is to be a place where people come and choose to do business, live and spend their leisure time.

“We’ve talked about it, the time for talking has now finished, and now it’s time for action.”

Tom Westley, a board member of the Black Country LEP, which is working with the West Midlands Combined Authority to lead the zone, said: “Collectively we have worked extremely hard to get to this point and DY5 offers a huge opportunity for investors, developers and businesses.

“The Black Country is already home to the UK’s most successful Enterprise Zone, i54, which to-date has created 4,000 new jobs in advanced manufacturing.

“We look forward to the same success for DY5 delivering new jobs, new businesses and a high tech office hub for the Black Country which connects advanced manufacturing to industrial sites through a new sustainable Metro link.”

People can keep up-to-date with the latest developments by following @DY5enzone on Twitter.