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SPRINGFIELD — A new report by MassINC and Cambridge Econometrics finds the Pioneer Valley has considerable strength in industries and technologies poised to grow with the transition to a low-carbon future. Billed as a “prospectus for transformative economic investment,” the study catalogs the region’s competitive advantages in food science, advanced materials, and clean energy.

“From sustainably producing alternative proteins from cells to protecting our drinking-water supplies from pollutants and extreme weather events, our region is developing the technologies of the future,” said Rick Sullivan, president and CEO of the Western Massachusetts Economic Development Council. “It is imperative that we collectively recognize the opportunity and make strategic investments in these growing sectors.”

Citing the recent announcement of a $10 billion investment in Albany’s semiconductor sector and other notable examples of state-backed efforts to grow advanced industries, the report calls for the establishment of a $500 million economic-development fund for Western Mass. Resources from the fund would be deployed to draw federal and private investment into the high-growth sectors where the region is well-positioned to gain competitive niches in the innovation economy.

“UMass Amherst is committed to working closely with our partners in Western Massachusetts to play a central role in fostering economic development and growth for the benefit of our region,” UMass Amherst Chancellor Javier Reyes said. “As the Commonwealth’s land-grant university, our researchers make new discoveries and develop technologies that support local industry and prepare the workforce required for the Commonwealth to flourish in the decades ahead.”

Charles D’Amour, executive chairman of Big Y, added that Western Mass. can capitalize on disruptive changes in the food industry. “From biotechnologies under development at UMass to innovative efforts to support local food entrepreneurs, the Pioneer Valley is situated to generate broadly shared wealth, positioning itself as a leading producer of sustainable food products.”

The federal government is eager to see the transition to a low-carbon future spur new forms of economic activity in slower-growth metropolitan areas across the U.S. Similarly, Gov. Maura Healey has called for the development of a clean-energy corridor across the entire state.

While the Pioneer Valley has many competitive strengths, including top-ranked programs in food science and advanced materials at UMass Amherst, the report indicates substantial investment is needed to increase research and development in the region, partner with existing businesses, commercialize new technologies, accommodate industrial growth with limited land available for development, and prepare the workforce to build the products of the future.

“This research illuminates promising opportunities unique to the Pioneer Valley as we develop low-carbon technologies,” said Jay Ash, president and CEO of the Massachusetts Competitive Partnership. “We must work together to help the region tap these opportunities to generate strong and equitable growth.”

Ben Forman, MassINC research director and co-author of the study, is eager to see the state act with urgency in this moment. “As a commonwealth, we have overlooked the Pioneer Valley for decades, jeopardizing its economic base,” he said. “It’s time to recognize and build on the region’s considerable economic assets.”