Two of the UK’s largest port businesses have announced a joint bid for a freeport on the River Thames to attract new investment to the UK.
Forth Ports Group and DP World have formed a partnership to submit a joint freeport bid incorporating the Forth Ports-owned Port of Tilbury and DP World London Gateway. Together the two port businesses make Thurrock one of the UKs strongest port and distribution clusters.
Charles Hammond, chief executive of Forth Ports, said: "I am looking forward to working with the team at London Gateway on this submission for freeport status. Thurrock is at the heart of the port industry in the South East and the development hub of the Thames estuary. This joint bid brings together our complementary strengths which will create a strong, export-focused case for a freeport designation.”
Growth ability
Both operations in Tilbury and at London Gateway have the scale, global connectivity and the ability to expand and develop land as the market demands. The digitally connected multi-site free trade zone will focus on clean growth while seeking to act as an innovation hub across a range of sectors.
The Thurrock freeport bid will also strongly support the area’s employment-focussed growth strategy, with the aim of positioning Thurrock as the port capital of the UK.
Vivid Economics will provide expert advice and economic analysis during the process. Details of the bid will be developed with Vivid over the coming months with the policy statement by the UK Government expected to be published in the autumn. The timescale for submission of a bid is expected to be towards the end of 2020/early 2021.
Freeport experience
The Port of Tilbury held freeport status until 2012 and is a national export hub surrounded by high-value industrial clusters that are anticipated to be boosted by freeport status. Utilising the port’s experience of operating a freeport, streamlining customs processes and developing new terminals, the port is committed to bid for a designation in Thurrock. The port, which is currently developing Tilbury2, has invested GB£1bn during 2012-20 20. It has doubled the size of its business in the past 10 years and is projected to double the volume of cargo across the quay (from 16 million to 32 million tonnes)
DP World London Gateway is the UK’s newest container port, with the DP World Group having invested over £1.5bn to develop a state-of-the-art deep-sea container port and Logistics Park. London Gateway offers flexible, fast supply chain solutions with the ability to handle the largest containers vessels, and boasts 9.25 million sq ft of convenient, modern warehousing space. DP World will draw upon the Group’s experience in setting up and operating the free trade zone at Jebel Ali in Dubai.
