In March 2021, the Tees Valley was announced as one of the first places in the UK to receive freeport status. The Teesside Freeport stretches across the region, including Teesworks, Teesport, the Port of Middlesbrough, the Port of Hartlepool, Redcar Bulk Terminal, LV Logistics, Wilton International and Teesside International Airport.
Building on existing manufacturing strengths, particularly in chemical and materials processing, biomanufacturing, offshore wind and renewable activity, Teesside Freeport will create more than 18,000 jobs and boost the local economy by billions. And by spreading out the freeport, maximum benefit can be gained for the people of the Tees Valley.
Teesside Freeport is unrivalled in size, connectivity and opportunity.
In the UK, freeports will enhance trade and long-term investment, boosting growth and high-skilled jobs, as well as increasing innovation and productivity in the region’s key sectors and supply chains. As national hubs for global trade, these areas will play a key role in regeneration and job creation, while creating dynamic economies that capitalise on new ideas and create an environment to attract new business.
Freeports are tax and secure customs zones where business can be carried out inside a country’s land border, but where normal tax and customs rules don’t apply. They can offer business incentives such as no stamp duty, five years of zero business rates, and full rebates for construction and machinery investment. While located geographically within a country, freeports essentially exist outside its borders for tax purposes.
Building on existing manufacturing strengths, particularly in chemical and materials processing, biomanufacturing, offshore wind and renewable activity, the freeport will create more than 18,000 jobs and boost the local economy by billions. And by spreading out the freeport, maximum benefit can be gained for the people of the Tees Valley.
As the UK’s largest freeport, the site covers approximately 4,500 acres, the equivalent to 2,550 football pitches. On top of that, its transport links make it the country’s best connected freeport and a gateway to global markets via air, sea, rail and road.
If you’d like to find more about investment in the Teesside Freeport, please get in touch.
Phone: +44 (0)1642 524400
Email: info@teesinvest.com