Freeport East gets final government approval and £25m in extra funding
It's hoped the project will create up to 13,500 jobs in the East of England
The government has granted final approval to Freeport East - a special economic zone covering parts of Suffolk and Essex which could create around 13,500 jobs over the coming decades.
Freeport East covers an area within roughly 45 kilometres of the ports of Felixstowe and Harwich, stretching from Woodbridge in the north, to Stowmarket in the west and Jaywick Sands in the south.
A new business park, known as Gateway 14, is being built off the A14 at Stowmarket to accomodate Freeport East.
It is one of several 'freeports' which are being set up across the UK as part of a bid to boost economic growth.
Freeports offer tax incentives for businesses which want to set up on the site, with additional tax relief for creating local jobs or bringing investment into a region.
Alongside today's decision, the government had committed an additional £25m to the project to assist with infrastructure work.
Steve Beel, Chief Executive of Freeport East, said:
“This is a major milestone for Freeport East and the result of a great deal of hard work from all our partner organisations. Freeport East is a locally led initiative but has global connections and ambition.
“Bringing together key stakeholders including local government, the private sector, and educational institutions we will attract new investment to create a hotbed for trade, innovation and green energy driving growth in both the regional and national economies.
“We will look to partner and collaborate with all organisations interested in the economic success of the region and encourage parties to get in touch with us directly.”
Levelling Up Minister Dehenna Davison said:
“Today is a historic day for many port towns and coastal communities across East Anglia, as Freeport East takes flight.
“This Freeport is going to give local economies a massive boost, unlock a new state of the art business space and create tens of thousands of highly skilled jobs.
“We are maximising the opportunities of leaving the European Union to drive growth and throw our doors open to trade with the world.”