Leicester and Leicestershire Enterprise Partnership (LLEP) has welcomed news of a significant step forward at the East Midlands Freeport.
It has been announced that the Freeport will receive up to £25 million seed funding from Government.
Formal approval came after Space Park Leicester (SPL) was given the go-ahead by Government to become a customs site operator for the freeport.
It opens the way for millions more in investment through locally retained business rates to drive growth in the UK’s advanced manufacturing, biomanufacturing, logistics, and low carbon industries.
The move significantly bolsters the Freeport’s focus on driving innovation and skills.
Andy Reed OBE, Co-Chair of the LLEP Board said,
“The East Midlands Freeport formally opening for business presented a big opportunity for the region. The Freeport is positioned to deliver against the pillars in our economic growth strategy and has huge potential to create jobs and growth. We look forward to working alongside all involved to ensure its success.”
The East Midlands Freeport is the seventh in England to become fully operational.
It is the only inland Freeport in England and has connections to major regional transport hubs, including East Midlands Airport.
Government believes that Freeports are central to accelerating economic growth across the entire UK and will contribute to the Levelling Up agenda.
It says that Freeports will drive the UK’s shift to a dynamic, low-carbon economy, helping businesses to collaborate, innovate, and develop the technologies and supply chains that will underpin progress towards Net Zero.
Read our Regional Economic Growth Strategy