The freeport is also expected to could create more than 55,000 jobs and increase the East Midlands economy by £8.4 billion.
The Outline Business Case includes detailed analysis indicating that the freeport would create just under 26,000 jobs directly, as well as an additional 30,000 indirectly, helping to revitalise the region’s economy over the next three decades.
The new jobs will be in areas including advanced manufacturing, construction, logistics, distribution, clean energy, and low carbon technology.
Freeports are special kinds of ports where normal tax and customs rules do not apply, allowing businesses to import and export while avoiding certain tariffs. They are designed to attract major domestic and international investment, part of a national government programme to strengthen regional economies across England.
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The East Midlands Freeport will be based at three sites in Nottinghamshire, Leicestershire, and Derbyshire - Ratcliffe on Soar, East Midlands Airport and Gateway Industrial Cluster (EMAGIC), and East Midlands Intermodal Park (EMIP).
When complete, the East Midlands Freeport will be the only inland freeport in the UK, right in the heart of the country. It has cross-party support from both Conservative and Labour MP, and its board is made up of representatives from local councils across the region, as well as universities and Local Enterprise Partnerships.
When completed, the East Midlands Freeport will be the best connected in the UK, with 91% of the country within a four-hour drive. East Midlands Airport will give it quick access to global markets, with excellent road and rail connections to other freeports and between the three East Midlands Freeport sites.
Ruth Edwards, MP for Rushcliffe, said: "The great thing about the freeport is it plays to our strengths, with sites across Leicestershire, Derbyshire and Nottinghamshire.
"It's brought together local government across all three counties, the public and private sector, and it's really important that we do work together to maximise the region’s potential."
