Connecting the South West to the world – Plymouth & South Devon Freeport
Freeports are special areas within the UK’s borders where different economic regulations apply, such as tax benefits and customs incentives. Freeports grow the local economy and are hubs for global trade and investment.
The Plymouth and South Devon Freeport will supercharge the economy by building on some of the South West’s unique national capabilities. The UK is already a space investment hotspot, projected to own 10% of the global space market by 2030. The Freeport will boost this growth with world-leading business clusters in space, marine and defence, helping the UK to become an Innovation Superpower.
The region’s outstanding location means the Freeport is prime for growing marine autonomy, renewables and innovative businesses. The Freeport will attract new investment and provide supply chain opportunities, embedding the region’s commitment to tackle climate change, deliver clean growth and marine decarbonisation.
It is hoped that the Freeport will:
- Establish a national trade hub to boost trade, pilot short sea shipping, enhance connectivity, attract Foreign Direct Investment (FDI) and support more businesses in exporting.
- Drive regeneration and create new jobs by fostering economic specialisation, increasing employment, addressing deprivation, and improving skills through apprenticeships and specially designed training programmes.
- Create a hotbed of innovation by raising research and development spending, boosting high-value economic activity, increasing productivity and contributing to net-zero research agendas while expanding global networks.
Further information can be found on the Plymouth and South Devon Freeport website.