Glasgow and Aberdeen have been selected as the sites for the first investment zones north of the border.
The regions in Glasgow city and the north east of Scotland will be supported by up to £80m in investment each in a scheme that includes tax relief to drive economic growth.
It comes after a joint agreement from the UK and Scottish Governments, with ministers from both administrations branding the announcement as a “historic milestone”.
The investment zones, a key part of the UK Government’s levelling up strategy, are the first to be announced outside of England.
The UK Government has said the investment zones are focused around research institutions such as universities and driving growth in areas including technology and the green sector.
Meanwhile, Scottish ministers have tailored the agreement to ensure it aligns with the net-zero ambitions.
Levelling Up secretary Michael Gove welcomed constructive conversations with First Minister Humza Yousaf and Deputy First Minister Shona Robison.
He said: “This is a historic milestone as we widen the opportunity and ambition of the investment zone programme to grow the economy across the whole of the United Kingdom.
“I am very appreciative of the constructive approach the First Minister and Deputy First Minister have shown in the meetings I have had with them in recent weeks.
“We all have shared ambition to work together to see all parts of Scotland thrive and today’s agreement builds on our successful rollout of green freeports in Scotland earlier this year.”
Mr Gove said with Aberdeen and Glasgow’s reputation for the oil and gas and shipbuilding industry respectively, the funding will help them expand on its contribution to the economy.
The Scottish Government’s wellbeing economy secretary Neil Gray said: “This is a milestone in the delivery of investment zones in a way that enhances Scotland’s economy while aligning with our distinctive priorities.
“Scotland already has a strong track record in innovation and research and the investment zones can build on these strengths.
“They will form part of a joined up approach that draws on the expertise of our world-leading research, education and training institutions, dynamic business sector and skilled workforce and will enable local communities to benefit.”
Meanwhile, Scottish secretary Alister Jack said the announcement “shows again what can be achieved when Scotland’s two governments work together to promote a fair spread of opportunities across Scotland.”
It follows the announcement earlier this year that freeports will be established in Inverness and Cromarty Firth and the Firth of Forth.