The Welsh Assembly Government is providing £15 million to Swansea University to deliver the proposed Bay Science and Innovation campus that will be located on Fabian Way across a 69 acre site.
An economic study by the University estimates the project will contribute more than £3 billion to the regional economy over the next 10 years and create thousands of jobs.
Plans on display for the new campus include a research and testing facility operated in partnership with Rolls-Royce; integrated teaching and research facilities for the University’s Schools of Engineering, Business and Economics, Maths and Computer Science, as well as student residential accommodation.
The major research and development facilities are designed to encourage industry to work side by side with researchers, academia and students.
Neath Port Talbot County Borough Council has approved outline planning consent for the new Bay Science and Innovation Campus on the 22nd February 2011.
Mr Jones said,
“This project fits into our vision for the Welsh economy with its focus on innovation and research and development. For Wales to succeed in the modern economy, academia and businesses must work together. Wales must move towards a more knowledge based economy where the right conditions exist for innovation to flourish so we can unlock our full potential.
“That is why the Assembly Government is pleased to be providing £15 million to help make this campus become a reality. The University’s research shows the project has the potential to create thousands of jobs for the region and pump millions into the local economy. Of course our funding will be subject to a business case appraisal and the University demonstrating its ability to fund the ongoing operation of the project. Innovation is key to our future in Wales. It is what can pave the way to success both in our businesses and academia. That is our path to further prosperity as we adapt to stay at the forefront of developments. For that reason, this development will be a significant step forward.”
Professor Richard B Davies, Vice Chancellor, Swansea University said,
“This is a bold and innovative project. It promises to be a global exemplar of universities and industry working together, creating high technology clusters and hugely enhancing the career opportunities for students. We have a number of multi-national companies as partners, but a project of this massive scale could not have proceeded without the assistance of the Welsh Assembly Government. We thank in particular the Deputy First Minister Ieuan Wyn Jones for his support and encouragement and for allocating funds from his own department budget to make the whole project financially feasible.”