MIRA Technology Park will be able to attract even more world-class businesses to the West Midlands after the Government gave the go-ahead to extend its flagship Enterprise Zone.

The move will pave the way for an additional 250,000 square foot of work space for cutting-edge research and development with the potential to create hundreds of new jobs and draw down millions of pounds in private-sector investment.

MIRA is home to some of the biggest names in the automotive business and is central to the Government’s Enterprise Zone programme that is playing a vital role in driving forward our economy.

Communities Secretary Eric Pickles said: “MIRA is leading the charge for Enterprise Zones. It’s a fantastic set-up and that’s why world-class companies like GKN, Continental and Goodyear and Haldex are moving there.

“This extension will cement its place as the number one site for automotive research and development in the UK. It also has the potential to create up to 300 new jobs and draw down an extra £50 million in private sector investment that will have knock-on benefits for the local economy and community.”

GKN, Continental and Goodyear will move into the recently completed 27,500 square foot Technology Centre that includes secures workshops and office space.

The Government has also invested £12.9m from its Local Infrastructure Fund to support growth of the Enterprise Zone.

The Government opened the Enterprise Zones in April 2012 as part of a 25-year project to rebalance the economy, offering tax incentives, simplified planning and super fast broadband to companies. Latest figures show they have created 12,530 jobs, attracted 434 new businesses and generated over £2 billion worth of private investment since opening for business