Thames Freeport obtains green light from government

Thames Freeport obtains green light from government

The UK government has given formal approval to Thames Freeport to constitute its board and begin operations.

The Freeport is an economic zone located in the Thames Estuary and in the Port of London.

It boasts 1,700 acres of development land, with access to Europe’s largest consumer market and connectivity to 18 million people, according to the port.

A partnership between Ford, Forth Ports Limited, and DP World, Thames Freeport will see over £4.6 billion ($5.67 billion) in new public and private investment, and the creation of over 21,000 new jobs and many more across supply chains.  

Significant investment in training and skills will contribute to the ‘levelling-up’ of the communities and businesses in East London and South Essex, reported the port.  

“Today’s announcement reinforces the great work that is already in place to boost the speed of investment, through a comprehensive trade and investment programme with international partnerships to boost global trade,” said Feeport Thames in a recent statement.

READ: Thames river masterplan to create major opportunities

The Freeport has reportedly generated over 500 new jobs, with six businesses joining its sites that offer a package of financial incentives. 

Tim Slatter, Chairman Ford Britain, said: “This decision will drive sustainable and inclusive growth for existing businesses along this strategic corridor and provides huge potential for local regeneration and new job creation.”

READ: First Freeports launched in major economic boost

In November 2021, Thames Freeport introduced its range of financial incentives to attract businesses to relocate to its premises, including tax benefits and enhanced capital allowances.

More recently in March 2022, Thames Freeport claimed it experienced high demand from businesses aiming to relocate to its investment zone following obtaining its freeport status.

Daily Email Newsletter

Sign up to our daily email newsletter to receive the latest news from Port Technology International.

Supplier Directory

Find out how to get listed

Webinar Series

Find out how to attend

Latest Stories

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.