The Thames Freeport has been given the go ahead to formally constitute its board and start operating fully, following the approval of the final business case by the UK Government.
The Freeport is an economic zone located in the Thames Estuary and UK’s largest port – the Port of London. With 1,700 acres of development land, no location can match Thames Freeport for access to Europe’s largest consumer market and its excellent connectivity to 18 million people.
A partnership between Ford, Forth Ports Limited and DP World, Thames Freeport will see over £4.6 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.
The Freeport has already started to deliver new business growth, generating over 500 new jobs, with six businesses joining its sites that offer a package of financial incentives. 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. It also recognises Thames Freeport as a centre of innovation, decarbonised fuels, smart technology, and light freight on the river Thames – setting a standard for a green, net zero freeport of the future.
Levelling Up Minister, Dehenna Davison MP, said: “We’re delivering on our mission to grow the economy and level up right across the UK. Thames Freeport is up and running and will bring high quality jobs, investment and trading opportunities for businesses in the region.”
Rt Hon Ruth Kelly, Chair of Thames Freeport, commented: “Thames Freeport offers expanding businesses in green tech, low carbon logistics and manufacturing the advantage of the substantial investment incentives, streamlined customs procedures and co-location within a flourishing green freeport ecosystem“
Charles Hammond OBE, Chief Executive of the Forth Ports Group, said: “Today’s announcement is another major milestone for the Thames Freeport – we are officially open for business. Over the coming months, we will begin to see the green shoots of the freeport’s land development, infrastructure projects, skills initiatives and innovation programmes take shape.
Ernst Schulze, UK Chief Executive of DP World, said: “We very much welcome the news that final government approval has been granted to Thames Freeport. As well as further cementing London Gateway’s Logistics Park as the UK’s premier port-centric logistics solution, Thames Freeport will also create local jobs and help ensure that the UK continues to be an attractive destination for inward investment.
Tim Slatter, Chairman Ford Britain, said: “Ford welcomes the government’s approval for the Thames Freeport to begin operations, of which Dagenham is a key part. 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. Importantly for Ford and its thousands of Dagenham-based employees, this commitment to the Thames Estuary as the UK’s global gateway for trade will provide green-tech growth, skills development and advance future mobility solutions for our industry.”
Councillor Mark Coxshall, Leader of Thurrock Council said: “The approval for the Full Business Case for Thames Freeport will further unlock huge opportunities for the borough and beyond. It will create thousands more skilled jobs, world class training opportunities and bring cutting edge environmentally friendly industries right on our doorstep, with new public and private investment in the heart of Thurrock. I am delighted that this ambitious project has achieved the final seal of approval and excited about the future of Thames Freeport and the prosperity it will bring to Thurrock.”
Councillor Darren Rodwell, Leader of Barking and Dagenham Council, said: “This is fantastic news for the people of Barking and Dagenham and for London and the southeast as a whole. The Thames Freeport will unlock quality jobs and quality investment for the capital. It is another landmark project delivered for our residents which cements B&D’s place as a major hub for logistics in the capital.”
Councillor Ray Morgon, the Leader of Havering Council, said: “We welcome the announcement of the new Thames Freeport, it is another step forward in recognising a significant area of investment and growth. We look forward to ensuring Havering benefits from this through creating new opportunities for residents, businesses and the wider borough.”