Our Plymouth and South Devon Freezone will help us bounce back from the COVID pandemic and grow the local economy. We expect it to generate thousands of new jobs and over £100 million pounds of new investment over the next 10 years. The Organisation for Economic Co-operation and Development predicts the global Ocean Economy will be worth more than £2 trillion by 2030.
As Britain's Ocean City, with its natural harbour and direct deep access to the English Channel and Atlantic Ocean, Plymouth is ideally located for accessing European and global markets. Our Freezone will harness the power of Plymouth's marine economy to drive economic growth and fund road network improvements that unlock underutilised land at Sherford and Langage.
The Plymouth and South Devon Freezone is about building on our strengths to drive growth across the region. We need to embrace this opportunity and make it work for us to deliver clean growth that will provide the high quality jobs we need for the future and protect our unique historic and natural infrastructure.
Following the successful initial bid to Government from Plymouth City Council with support from Devon County Council and South Hams District Council, the next step is the preparation of a full business case for the Freezone which must be submitted to the Government this Autumn for final approval.
We, and our two lead local authority partners, are keen to ensure that the business case submitted to Government reflects the ideas and priorities of our stakeholders and the needs and opportunities of our region.
Please therefore save the date of Friday 25th June for our proposed Freezone Stakeholder event - further details will be released in due course and in the meantime please do click the links for snapshots of the Plymouth and South Devon Freezone.