A freeport that will be set up in the Exeter airport has the potential of creating over 27 000 new jobs, according to South West Business Council. This information was revealed to the ministers during a recent meeting.
The government was urged to prioritize the implementation of the ten new freeports ahead of the UK exit from the European Union. The Exeter freeport was singled out as the one with the greatest potential to create jobs and boost the economy.
The Freeport will be an enterprise and business hub. Investors will benefit from government incentives such as tax and customs benefits, low paperwork and bureaucracy, and minimal checks. Therefore, it will attract many investors, thus creating many job opportunities.
Additionally, freeport zones will enjoy reduced business operation costs and bureaucracies, thus attracting many manufacturers. With increased manufacturing businesses, more job opportunities will be created.
The government’s plan to establish the ten new freeports is a part of its long-term strategy to salvage the economy after Brexit. It is estimated that the economy will suffer as a result of Brexit. Therefore, the government has already laid down a recovery mitigation plan.
The proposal to establish the freeports has excited many local investors. Some investors have already placed their bids as they anticipate setting up their businesses in the freeports.
South West Business Council chairperson, Tim Jones, lauded the government’s plan to set a Freeport in Exeter, terming it as timely and necessary. He noted that it would result in job creation for the locals and wealth creation for the investors.
According to Mr Jones, the freeport has the potential of generating revenue of up to £500 million over the next 20 years. Additionally, it will become a business and manufacturing hub that will attract both skilled and non-skilled labour.