A business support programme for the manufacturing sector LCR 4.0 has created 80 jobs and added £2.6m GVA to date, according to new figures.
It is now predicted that the initiative will allow SMEs to go on to add an additional 955 roles and £31.1m to the economy over the next three years.
The project has given almost 300 SMEs the tools and resources to explore the opportunities and challenges of Industry 4.0 technologies, such as big data, systems integration, Internet of Things (IoT), augmented reality (AR) and 3D printing.
Metro mayor Steve Rotheram said: "There is a truly entrepreneurial spirit running through Liverpool City Region. Because of this it can become, and in my opinion is becoming, a manufacturing global hotspot. Programmes like LCR 4.0 are making that possible, establishing innovative and dynamic manufacturing communities across the six boroughs."
Dr Andy Levers, technical director at the Virtual Engineering Centre (VEC) and technical lead for LCR 4.0, added: "These figures are real testament to the impact of the LCR 4.0 programme to date and that, if a business starts to operate in a more innovative way, they will generate better results quicker."
SMEs are now being encouraged to get involved with Made Smarter UK – a £20m initiative set to engage with 3,000 manufacturers in the North West to embed advanced digital technology across the sector.
The LCR 4.0 project, which is due to come to close later this year, has been brought forward by the University of Liverpool's VEC, Liverpool John Moores University, Sensor City, STFC Hartree Centre and the Liverpool City Region LEP.