This week marked a major milestone in the transformation of Derry and the North West region at large. The Derry~Londonderry & Strabane City Deal and Inclusive Future Fund Financial Deal, signed on Wednesday, is an ambitious and transformative investment that will provide significant opportunities for the local economy and businesses across the North West. The nearly £300 million investment package is set to drive innovation, enhance infrastructure, and unlock growth potential across key sectors.

The City Deal includes investment in the regeneration of Strabane town centre, the redevelopment and reimagination of Derry’s Riverfront, Walled City, and Strand Road areas, as well as the creation of high quality and innovative employment in areas such data and AI research through Ulster University’s Cognitive Analytics Research Lab (CARL) and the Centre for Industrial Digitisation and Robotics Automation (CIDRA).

The North West is both a first-class and unique tourist destination, and investing in our towns and tourism hotspots so that their full potential can be unlocked is crucial. The City Deal also prioritises creating new, high-value jobs across a range of industries, ensuring a skilled workforce that can meet the needs of local businesses.

This deal represents a major leap forward in achieving the fair, sustainable and much-needed investment in the North West region.

Welcoming the signing of the City Deal, Derry Chamber President Greg McCann, said:

“Derry Chamber welcomes the signing of the Derry and Strabane City Region City Deal today. The package, now pledged to the region, will be truly transformative for Derry and the North West, from the regeneration of the Riverfront, Strand Road, Walled City areas in Derry City to the redevelopment of Strabane town centre.

“The investment in the medical school and in the innovation and high-tech data and AI research centres, such as CARL and CIDRA will boost academic and industry collaboration, significantly enhancing the cutting-edge services and product development of NW technology enabled businesses. The signing of this deal represents the beginning of, the North West of the future, taking shape.

“Notwithstanding last week’s confusion, 2024 has been a year of good news with for our City Deal, with the funding increase which was delivered in March of this year. City deals are essential tools in the delivery of regional balance and good jobs, which are two of the Minister for the Economy’s stated priorities. It is imperative that every pound of pledged funding is now delivered. Derry Chamber looks forward to working with all stakeholders involved, to ensure that this funding results in the best possible outcomes for the city and the North West region as a whole.”

The City Deal has the potential to transform the North West region into a hub for innovation and entrepreneurship, and will usher in an exciting period of economic regeneration. We at Derry Chamber are proud to lead this vibrant business community, and are eager to see how the City Deal will shape the future of the city region and its people.

Read the City Deal HERE