Thames Freeport celebrates £600 million of investment

Thames Freeport celebrates £600 million of investment

Thames Freeport is celebrating £600 million ($734 million) of private sector investment committed to the project in its first two years, which is resulting in the creation of over 1,000 news jobs throughout the region.

On a visit to meet the Thames Freeport partners last week, UK Investment Minister Lord Johnson highlighted the extensive opportunities for businesses to locate at the site following its launch by the then Chancellor of the Exchequer Rishi Sunak MP in 2021.

Thames Freeport is an economic zone connecting Ford’s Dagenham engine plant and the global ports at DP World’s London Gateway and Forth Ports’ Tilbury.

The £600 million ($734 million) of investment represents the funds committed by the partners and tenants over the last 24 months to drive forward the levelling-up of the region.

There are reportedly 1,000 jobs being created as a direct result, the first of a total 21,000 people who will be employed at the freeport.

Thames Freeport and Verizon, a global leader in telecommunications, have also announced their intention to launch a 5G ‘Innovation Network’ at the site, accelerating digital solutions and bolstering logistics and manufacturing operations at London Gateway and Tilbury, unlocking wider benefits for the region.

READ: Associated British Ports Builds the Port of the Future with Private 5G Network

Lord Johnson, Minister of State in the Department for Business, said“UK Freeports represents a generational shift in UK competitiveness, creating perfect places for businesses to innovate, collaborate and grow.

“It is fantastic to see Thames Freeport already realising their vision of a global hub for trade and investment into advanced manufacturing, clean technologies, and future logistics.

“The significant investment received to date is testament to the Freeport’s outstanding offer to business, and will bring a boost of new, skilled jobs to this region,” Johnson added.

READ: Business demand at Thames Freeport booms one year on from new status

Martin Whiteley, Chief Executive at Thames Freeport, said: “With 18 million people on its doorstep, the port is closer than any other enterprise zone to Europe’s largest and most economically important consumer market, with unrivalled global connectivity to 130 ports in over 65 countries.”

In March 2023, the UK government gave formal approval to Thames Freeport to constitute its board and begin operations.

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