The Humber Freeport has successfully secured a significant £250 million investment, enhancing its status as a key player in industrial growth.
This investment, led by Mitsubishi Chemical Group UK, emphasises the Freeport’s strategic importance and its role in advancing manufacturing and decarbonisation efforts.
Strategic Investment by Mitsubishi Chemical Group
The Humber Freeport’s latest achievement is the attraction of a £250 million investment by Mitsubishi Chemical Group UK. This funding will be directed towards building a new production line at Saltend Chemicals Park, a prominent site within one of the Freeport’s designated tax areas. The investment is set to double the company’s existing capacity, significantly boosting its operations.
Creation of Jobs and Economic Growth
The new production line is anticipated to generate numerous job opportunities, with dozens of new positions expected to be created. Additionally, this development will secure the existing 130 jobs at the Mitsubishi Chemical Group facility. Such advancements are pivotal in promoting local employment and stimulating economic growth.
Advantages of Humber Freeport Status
Simon Bird, Chair of Humber Freeport, highlighted the critical role of Freeport status in securing this investment, stating, “The substantial advantages offered by freeport status were an important factor in securing this new inward investment.”
Focus on Advanced Manufacturing and Decarbonisation
This statement underscores the strategic advantages the Humber region provides, further bolstered by the Freeport status.
Expansion Plans and Future Operations
The focus will be on producing SoarnoL, a type of Ethylene Vinyl Co-Polymer used mainly in food packaging. This product helps extend shelf life and meet increasing demand for recyclable and environmentally friendly packaging materials.
Strengthening Global Trade Links
This reinforces the global reach and impact of the investment, highlighting the Humber’s role in international trade.
Complementary Investments in the Region
Additionally, Metsä Tissue’s decision to build the UK’s largest paper tissue mill at the Goole tax site will create more than 400 direct jobs and thousands of indirect jobs. These investments collectively contribute to the economic vitality and industrial strength of the Humber region.
Future Prospects and Long-Term Benefits
The Humber Freeport continues to attract large-scale investments, demonstrating its pivotal role in regional and national industrial strategy. The advantages of Freeport status, coupled with strategic location and supportive infrastructure, make it a favourable destination for future investments.
The £250m investment secured by Humber Freeport underscores its significance in industrial and economic development.
With continued focus on strategic growth areas and supportive policies, the region is poised for further advancements and sustainable prosperity.