Biotech sector gets £11m boost from Scottish Government
The Industrial Biotechnology Innovation Centre will receive the funds over five years.
The Scottish Government has announced an £11m investment in the industrial biotechnology (IB) sector.
The Industrial Biotechnology Innovation Centre (IBioIC) will receive the funds over five years as part of a national plan to drive the sector forward.
Industrial biotechnology is the use of biological sources to produce or process materials, chemicals or energy.
The innovation centre - whose members include multinational companies and public-sector organisations - facilitates collaboration between industry and academia to bring these products and processes closer to commercial reality.
Ivan McKee, minister for trade, investment and innovation, said: "Today's investment from the Scottish Funding Council, Scottish Enterprise and Highlands and Islands Enterprise builds on the £120m already invested in Scotland's eight innovation centres which are already having a transformational effect on our economy.
"I am pleased to confirm that the Scottish Government, through our national agencies, is able to invest £11.1m to support the IBioIC to drive forward Scotland's industrial biotechnology sector.
"This funding has the potential to boost Scotland's economy by £130m and create over 1400 jobs."
Dame Anne Glover, chair of the IBioIC governing board, said: "IB is an enabling technology, which underpins innovation in multiple sectors, and can contribute to reducing greenhouse gas emissions and the use of fossil fuels, as well as supporting sustainable production.
"IBioIC is, therefore, wonderfully positioned for a successful future in delivering significant value for the Scottish Government, businesses and general public."