Three Invest NI business parks in the region will benefit from the fillip which will facilitate the upgrade of site facilities as well as improve the existing roads and access infrastructure.
The investment comes following an increase in demand from client companies for suitable industrial land to support business growth in the Craigavon region.
The three locations in Craigavon that will benefit are Invest NI's Charlestown Road Business Park, and the Mandeville and Halfpenny Valley Industrial Estates.
Colin Lewis, Managing Director of Corporate Services at Invest NI said: "As we work to secure and support investment by both locally-owned and externally-owned client companies, we must ensure that we have serviced sites available for immediate use so investment opportunities are not lost and business growth can be supported.
-- Advertisement --
"Both our Charlestown and Halfpenny Valley sites have proven to be attractive options for our client companies. Our investment will open up additional lands at both locations so companies with a clear and immediate business need do not experience any delay in implementing their growth plans.
"In addition, we have lodged planning applications to begin initial infrastructure works on the land we have held as a strategic reserve at Mandeville.
"The work planned for Mandeville will form a significant part of the investment project which will initially provide 27 acres of land for client companies that need a suitable location on which to build a new business facility. A further 70 acres at the same site will be retained for future development purposes," he said.
Welcoming the announcement, the newly elected Mayor of Craigavon, Alderman Sidney Anderson said: "This is a very positive step for Craigavon and economic development in the area. Invest NI is clearly working to ensure that the infrastructure needed to attract and retain valuable investment opportunities is in place for the benefit of the local area and the entire NI economy."
(BMcC)
