Plymouth’s specialism in low-carbon, high-tech marine innovation was a huge factor in its new status as one of eight Freeports in the UK.

With industry giants Babcock and Princes Yachts backing the bid, the joint effort between Plymouth City Council, Devon Country and South Hams District Council proved effective and the Plymouth and South Devon Freeport will cover sites at Devonport South Yard, Langage Energy Zone and Sherford Business Park.

Local leaders hope the ‘Freezone’ will help create nearly 10,000 jobs over the next ten years and 70 local businesses are expected to benefit, bringing in more than £100m in investment.

“We are calling our Freeport a freezone because it is about much more than a port,” said Councillor Tudor Evans, leader of Plymouth City Council. “This will benefit a lot of people across this area. This is also much needed recognition that levelling up is as important for us in Plymouth in the far the South West as it is to the North of England.”

The bid was based on three strategic pillars – marine and defence innovation, manufacturing and light processing and warehousing and staged imports.

BUSINESSES located within the freeport zones will benefit from having no tariffs to pay on imports and exports unless they are exported into the UK. Other major benefits include tax breaks, including no stamp duty, full rebates for construction and machinery investment and five years of zero business rates.