By Gurdip Thandi,Local Democracy Reporter

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A major new investment body aimed at transforming Birmingham and the West Midlands has been launched. The Mayoral Development Corporation (MDC) is said to be the biggest and most ambitious of it’s kind in the country, helping to create tens of thousands of jobs and bring in billions to the local economy. It will incorporate the £3 billion Birmingham Sports Quarter, the £4 billion Birmingham Knowledge Quarter, the HS2 station at Curzon Street, the £2 billion Smithfield development, and a major creative industries hub in Digbeth . READ MORE: Major plan to tackle notorious congested junction in Solihull This new corporation – part of a wider Mayoral Development Zone – is being created by West Midlands Mayor Richard Parker and Birmingham City Council leader John Cotton. It aims to give investors speed, scale and certainty and help bring major schemes forward. It will bring together planning powers, land, funding and delivery under one roof and cut bureaucracy. Mr Parker said: “The West Midlands is breaking down the barriers that have held investment back. “A new Mayoral Development Corporation will deliver the fastest growth opportunities anywhere in the country. “From Curzon Street to Digbeth and from Smithfield to the Knowledge Quarter, investors will find world-class projects ready to go. “And we’re going to move at pace, because for too long people haven’t felt growth in their communities or in their pockets. “This is about speed, certainty and scale. We are putting Birmingham and the West Midlands at the front of the queue for investment, creating jobs and driving growth that will make a difference to people’s lives. “That’s why having myself, John and the Government working so closely is so important.” Councillor Cotton added: “Birmingham’s time is now. This is one of the most investable cities, with some of the biggest opportunities in the country and working with a Labour Mayor and a Labour Government, we will fully unleash our full potential for economic growth. “The MDC will supercharge Birmingham and the wider West Midlands, unlocking opportunities for all, creating tens of thousands of good, well-paid jobs and delivering growth and prosperity for our citizens, communities, and businesses.” Chancellor of the Exchequer, Rachel Reeves, also confirmed the UK’s first Regional Investment Summit will be held in Birmingham next month. She said: “Under this Government no region will be locked out of investment. “Business confidence is at its highest level since 2015, private sector activity expanded at the fastest pace in a year in August, and top CFOs have ranked the UK as the top investment destination in the world. “Our opponents want to talk down Britain’s economy. But whilst the economy isn’t broken, for many it feels stuck, which is why I’m determined to attract more investment into every region of the UK so we can build an economy that works for, and rewards, working people.”