South Yorkshire has been named as the UK's first Investment Zone by Chancellor Jeremy Hunt.
The status could bring £1.2 billion in funding and see up to 8,000 new jobs created in the area, according to the government.
In March, Mr Hunt said 12 new UK Investment Zones would each receive £80 million in government cash. The money could be spent on infrastructure, training and tax relief over seven years.
Beckie Hart, Director for Yorkshire and the Humber at the Confederation of British Industry (CBI), said:
'This announcement will spur growth and bring other economic benefits in South Yorkshire – and the whole of Yorkshire.
'The government is right to pursue an Investment Zone that builds on the University of Sheffield's world-leading Advanced Manufacturing Research Centre, which is recognised globally as a major economic cluster with strong research and innovation capabilities that capitalises on the expertise of the region's universities.
'Our members look forward to benefitting from the Investment Zone to build on South Yorkshire's advanced manufacturing strengths, develop new industries that will create jobs and bring prosperity to the area as we seek to build a net zero economy.'
Internet link: HM Treasury press release CBI website