Liverpool City Region Freeport has this week received final government approval which means the majority of English Freeports are now up and running. But what will it mean for the Port of Liverpool? And what hattrick goals can it score with this ball?
The Freeport initiative is designed to attract inward investment and drive economic growth with a £25m seed funding boost from the UK government over the next few years. Businesses located within the Liverpool City Region Freeport area will benefit from generous tax incentives and simplified customs procedures.
Of course, similar to when you are passed the ball at the World Cup, the pressure is on and it’s what you do with it that counts.
The Port of Liverpool, as one of the largest global gateways of any regional English Freeport, will play a critical role in supporting the Liverpool City Region in maximising on the opportunity. Many existing and new businesses will look at the port as a key enabler for their own growth, exploring global trade routes and creating jobs for the local region.
The Port of Liverpool offer these businesses, and future investors, with an unrivalled central UK location serving the Freeport Liverpool region, pan-Britain and Irish markets with key transatlantic routes to develop the most efficient and sustainable supply chains.
Advance manufacturing, biomanufacturing, logistics and low carbon industries are amongst the key sectors set to benefit the most. The efforts being made in unlocking the potential in hydrogen across the region, for instance, will receive a boost in confidence and will help to fast-track the drive towards a net zero future.
The Freeport programme, with 310ha available for land for development, is expected to attract £800m of inward investment and create over 10,000 skilled jobs, delivering £850m in GVA.
It’s a big prize for the Liverpool City Region, famed for its passion for football and sport, I have no doubt the ball is in safe hands and the future ahead looks bright.
Peel Ports and The Port of Liverpool are proudly hosting the Coastlink Conference in Liverpool between 3-4 May 2023.
Article by Stephen Carr, Group Commercial Director, Peel Ports Group