A Freeport zone focused on Devon is set to incorporate a mix of assets and along with pre-existing strengths of the area will help drive job creation and bolster the regional economy.
The proposed Freeport spreads from Exeter International Airport to Plymouth docks.
Led by the South West Business Council and Heart of the South West LEP working with a range of local authorities, the proposal brings together the assets of Exeter Airport, the sea port of Plymouth and the manufacturing-focused county that exists between the two. It is estimated to bring a potential 27,000 new jobs to the area.
Tim Jones, South West Business Council chairman, said: “You’ve got to go back to about 2012 since Freeports were abolished in the UK. But it’s a model that works really well. In the States they’re very commonplace.
“It’s the rounded nature of the package that I find very attractive about it – stimulation of investment, local supply chain development, and the tax break is really important in terms of encouraging the investment profile, and the R&D capability that comes with it. It’s the rounded nature of the package – it’s not just a linear model.
“We’re always looking for leverage in projects like this – a Freeport provides a really broad base of opportunities. There is the import/export element. But the ability to then develop some vertically-integrated businesses off the back of that is key – the raw material processing.”
He added: “The beauty of the peninsula economy is that we’re already well established as part of an integrated supply chain. That’s why this model works really well for us.”
The partnership will bring together more than a million square feet of port, airport, high value manufacturing and innovation and knowledge-intensive space, combining assets and strengths from a diverse range of partners, from the Universities of Exeter and Plymouth, Associated British Ports and regional and city airports, to Yeovil helicopter manufacturer Leonardo and Devonport Dockyard operator Babcock Marine.
Eifion Jones, chief operating officer at Heart of the South West Local Enterprise Partnership (LEP), said clean growth is one of the key priorities for the organisation.
“The two emerging Freeport propositions for the Heart of the South West have clean growth at their heart,” he said.
“Clean growth is very much what Gravity sets out to deliver, and the Plymouth/ Exeter/ Yeovil offer delivers marine autonomy and renewables and the future of low carbon flight.
“Clearly there’s a massive impact from Covid in all areas, but in the Heart of the South West in particular because of our sectoral mix. Whilst the virus numbers are relatively low in the South West, the economic impact is significant.
“So there’s a vital need to provide short-term support but also to make sure investment is in place for that longer term recovery. Creating new jobs and new opportunities for people and businesses will be key.”
He added: If we don’t try to build a different economy, next time there’s some sort of crisis – whether it’s a recession or a pandemic – again this area will be harder hit and take longer to recover than elsewhere. We must address our structural challenges.
“That’s not easy or quick, but things like Freeports, clean growth and high tech engineering are a central way of doing this.”
Insider is campaigning to back the various bids and provide an in-depth guide to the different locations, outlining what their credentials are and what the long-terms benefits to the economy will be.
We are also canvassing the views of the wider business community with a survey which allows our readers to have their say on the bids and how a Freeport would benefit their firm.