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Business & Economy

Port of Tyne welcomes progress of freeports

The Port of Tyne has welcomed the launch of a consultation by the Government on freeports and pledged to make a success of what would be a free trade zone covering multiple logistics and advanced manufacturing sites across the region.

The Port has long championed a ‘virtual freeport’, connected and secured using supply chain technology and harnessing best practice from the USA and China where these zones are operational.

A freeport at the Port of Tyne would look to support the likes of Nissan, while fostering growth across the North East’s target sector including renewable energy and pharmaceuticals.

Matt Beeton, chief executive officer of the Port of Tyne, 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 this 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 months ahead, the Port of Tyne will work with local and national stakeholders to progress a freeport bid.