Thames Freeport is celebrating GB£600 million (around US$730 million) in private sector investment in the project’s first two years, which has resulted in the creation of over 1,000 jobs across the region.
Last week, during a visit to meet with the Thames Freeport partners, UK investment minister Lord Johnson highlighted the numerous potential for firms to establish at the site following its official opening by then-chancellor of the Exchequer Rishi Sunak MP in 2021.
Thames Freeport is a business zone that connects Ford’s world-class Dagenham engine plant to the worldwide ports of DP World’s London Gateway and Forth Ports’ Tilbury.
The investment reflects funds committed by partners and tenants over the previous 24 months to accelerate the region’s levelling-up. As a direct result, 1,000 jobs are being generated, the first of a total of 21,000 people who will be employed at the freeport.
Moreover, Thames Freeport and Verizon, a global telecommunications company, have also announced their intention to launch a 5G ‘Innovation Network’ at the site, accelerating digital solutions and bolstering logistics and manufacturing operations at London Gateway and Tilbury, resulting in broader benefits for the region.
“UK Freeports represents a generational shift in UK competitiveness, creating perfect places for businesses to innovate, collaborate and grow. It is fantastic to see Thames Freeport already realising their vision of a global hub for trade and investment into advanced manufacturing, clean technologies, and future logistics,” stated Lord Johnson, minister of State in the Department for Business.
He further added, “The significant investment received to date is a testament to the Freeport’s outstanding offer to business, and will bring a boost of new, skilled jobs to this region. Now is the opportune moment for businesses to seize this opportunity and I look forward to seeing what more Thames Freeport brings to the UK economy in the coming years.”