The boss of the East Midlands Chamber of Commerce said the start of tax breaks within the region’s free trade zone this month could herald a new era of inward investment.
The Government has given the go-ahead for eligible companies investing in East Midlands Freeport’s three geographical areas to start benefitting from softer rules from March 22.
The changes will see streamlined planning rules, tax reliefs and business rates reliefs, and will allow businesses to import and export without fewer tariffs and less red tape.
The local freeport covers three separate sites around East Midlands Airport, the Ratcliffe on Soar power station redevelopment site and the East Midlands Intermodal Park near the Derbyshire Toyota plant.
The Government believes it will support 61,000 jobs and bring an extra £8.9 billion into the local economy over 30 years.
East Midlands Chamber chief executive Scott Knowles said confirmation of the plans meant the region could “now look forward to a huge economic boost in the decades ahead”.
He said: “Following the end of all Covid-19 restrictions in February, this is another big boost for business confidence.
“Our region already has fantastic national and international trading links – something highlighted during the pandemic – and freeport status means we can cement our role at the centre of Britain's post-Brexit global trading relationship.
“We are in a unique position as the only inland freeport among the 10 designated zones, which is testament to East Midlands Airport's reputation as the country's most important mover of international freight and the catalyst for the explosive growth we've witnessed in our region's logistics sector in recent years.
“This free trade zone, which will have a focus on innovation, low carbon and trade, signals the direction of travel for the East Midlands economy – giving investors something tangible to back in order to deliver the inward investment and jobs that will enable growth.
“We’ve already been notified about interest from companies both inside and outside our region that may want to locate themselves at the freeport in order to take advantage of tax breaks at sites including East Midlands Airport, so the green light should pave the way forward for more companies moving into our region.
“For our workforce, it will provide much-needed new opportunities for high-skilled, well-paid and more productive jobs – a key priority of this Government and an important driver of growth for the East Midlands economy.”
