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The Port of Tyne welcomed the launch of a consultation by the UK Government on freeports and pledged to make a success of a free trade zone covering multiple logistics and advanced manufacturing sites across the North East.
The Port, has been championing a ‘virtual freeport’, connected and secure using supply chain technology and harnessing best practice from the USA and China where these zones are operational.
With the deep-water Port of Tyne at its heart, the zone would look to support existing advanced manufacturing operations including Nissan, while fostering growth across the region’s target sectors including renewable energy and pharmaceuticals.
Matt Beeton, Chief Executive Officer of the Port of Tyne, welcomed the launch of the UK Government's freeports consultation and commented: “A free trade zone targeted at growing the region's advanced manufacturing and renewable energy clusters would boost global trade across key North East locations, helping to secure many existing supply chains and attracting many more into the region from overseas.
“Utilising best practice from many other global ‘virtual freeports’ and the complex supply chain expertise within the region, we will continue to progress a multi-site zone connected by supply chain technology.
“Our recently opened 2050 Innovation Hub, together with our expanded, globally connected container terminal, streamlined customs systems and substantial developable land mean our operations are ideally suited to support existing or new manufacturing and processing business opportunities.”
In the coming months, the Port of Tyne will work with local and national political and business stakeholders and organisations to progress a freeport bid in support of growing inward investment and prosperity across the region.