Liverpool City Region Freeport has received final government approval and, once fully operational, is expected add £850m to the area’s economy.
On 10 January, the Department for Levelling Up, Housing and Communities confirmed that the freeport will receive up to £25m of seed funding over the next few years.
The freeport is estimated to create more than 14,000 new jobs and deliver £800m of investment to the Liverpool City Region’s economy. Local leaders have chosen to pursue businesses and industries in advanced manufacturing, pharmaceuticals and green energy, with a particular focus on the combined authority’s net-zero target of 2040.
Steve Rotheram, Liverpool City Region’s mayor, said: “The establishment of the Liverpool City Region Freeport has the potential to help our drive to attract international investment, create more well-paid, highly-skilled jobs for local people and build on our existing strengths and promote our international competitiveness.
“It is estimated that the freeport will add £850m to the local economy and contribute towards our plans to boost research and development and target green technologies to help us reach net zero by 2040 at the latest.”
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Alongside the Liverpool City Region, a freeport in East Anglia also received government approval and up to £25m of seed funding.
Dehenna Davison, levelling up minister, said: “Freeports are magnets for investments, putting places like the Wirral and Harwich on the global stage and the frontier of innovation.
“With £25m of seed funding, these freeports will unlock local expertise and skills to boost key local industries, create jobs and grow our national economy.”
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