What is a Freeport?
Freeports are areas that have been created by Government to boost investment into parts of the country that have historically missed out. They benefit from a generous package of incentives, as well as excellent port infrastructure (sea and air), and build on the proud industrial heritages of their regions.
This enables Freeports to create an attractive business environment with the aim of rebalancing local economies by building new clusters in sectors of the future, spearheading our journey to Net Zero, and creating thousands of long-term, high-quality jobs for local people.
Thames Freeport
Thames Freeport received final approval from the Government in March 2023.
Thames Freeport is an economic zone located in the Thames Estuary and partners include the ports of Tilbury, DP World London Gateway, and Ford’s Dagenham plant.
Local Government partners are Thurrock Borough Council (Accountable Body), London Borough of Barking and Dagenham and London Borough of Havering.
Thames Freeport’s purpose is to connect local people and communities to the new sustainable growth generated by the Freeport, building the biggest opportunity in a generation for everyone to share in the prosperity generated by a high productivity economy.
Thames Freeport's Objectives
- Establish the Thames Freeport as a hub for global trade and investment
- Regenerate, build skills and create jobs
- Create hotbeds for innovation
Forecast deliveries
• More investment: Over £4.5bn in new public and private investment including funding for public transport systems, investment in innovative technology, delivery of green energy and accelerating sustainable homes
• More jobs: Creation of thousands of jobs with significant investment in training and skills
• Innovation: Bringing together industry, academia, and the public sector to support collaboration and boost investment in research and development
• Regeneration: By delivering projects that support local communities
• Economic Impact: Contributing additional Gross Value Added per annum
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For more information on Thames Freeport go to Thames Freeport: A Gateway to Economic Growth and Development For more information on Freeports go to Freeports - GOV.UK (www.gov.uk) |