The investment zone will benefit from investment, tax reliefs and other incentives over ten years for a package of projects which will boost the innovation economy.

To be eligible to bid for funding through the open call, business must fall within three key sectors being life sciences; advanced manufacturing and precision engineering; and digital and enabling technologies.

It is estimated that there are around 500 businesses in these sectors within Glasgow City Region’s eight council areas, including West Dunbartonshire.

Project bids must also be able to provide at least 60% of the funding which would then be matched by 40% of public funding in capital/revenue investment or tax incentives through the investment zone.

Projects within the region’s investment zone are not necessarily bound within a bespoke geographical area but they must be based either now or in the future within the perimeter of the region.

Bids should be submitted through a new online portal by 31 March 2024. The application form requires details of what the project will deliver, how it will be delivered and the match funding.

Once bids have been reviewed and assessed, the final phase of the GCR IZ process will involve the collation of the region’s formal proposal, including the package of projects, for consideration and approval by the UK and Scottish Governments.

West Dunbartonshire Council leader, Councillor Martin Rooney, said: “There are a range of businesses which operate in West Dunbartonshire now which could tap into this funding.

“Being part of the Glasgow City Region Investment Zone could be a massive driver for our local economy and I would encourage West Dunbartonshire companies who meet the criteria to seriously consider making a bid.”

Convener of infrastructure, regeneration and economic development, Cllr David McBride, said: “This is an important step forward in the Glasgow City Region Investment Zone programme which could reap huge benefits for West Dunbartonshire.

“I look forward to seeing how this progresses and hope that businesses within the area will consider submitting a project bid.”