A £3 million investment has been given approval by Sheffield City Council in an attempt to boost job opportunities and the economy in South Yorkshire.

The money will be put into the South Yorkshire Investment Zone and comes from a development fund.

The council hopes the investment zone will provide over 8,000 jobs by 2030, part of a larger plan to attract over £1.8 billion in private funding and create new skills and investment opportunities in the region.

The money for the investment has been provided by ‘SY Jessica’ a fund that since its launch in 2013 has provided over £70 million towards the delivery of over 4.7 million sq ft of employment space, which provides the economic infrastructure for the creation of nearly 7,200 jobs.

The funding was approved by the council on 11 April, following the creation of the fund at the request of the South Yorkshire Mayoral Authority in 2012.

South Yorkshire’s Mayor Oliver Coppard said: “Our Investment Zone will help put South Yorkshire back where we belong; at the forefront of this country’s manufacturing-led growth.”

The main purpose of the fund is to provide investment to the South Yorkshire zone.

The investment zone was first announced in 2013 by South Yorkshire Leaders and the then Chancellor Jeremy Hunt. It also obtained £80 million from the government in support, with their first project opening up a Boeing-led research project into manufacturing lightweight structures for aeroplanes – a key part of making aviation more sustainable.

The zone covers areas between Rotherham and Sheffield alongside ‘opportunity sites’ – large sites for business expansion and supply chain development, situated in Barnsley and Doncaster.

In the past the investments have provided projects such as the COMPASS facility at the University of Sheffield AMRC.

In a report published by the council following the decision they said, “It is expected that the Investment Zone will support innovative businesses.

“Suitable high quality accommodation is required to enable these businesses to grow or locate to the region.”

SY Jessica is managed by Global Commercial Real Estate Services (GCRE), an American commercial real estate service and investment firm.