A new logistics and advanced manufacturing park will be built at East Midlands Airport, thanks to a £1 billion investment from Prologis and Manchester Airport Group (MAG). The project, supported by Chancellor Rachel Reeves, is expected to create up to 2,000 jobs and bring £132 million of economic growth annually to the region. The plans are part of the wider East Midlands Freeport project and will include a dedicated centre for logistics job training and education.
Two thousand new jobs could be created around East Midlands Airport under new plans which the Chancellor says represent a 'huge vote of confidence' in the region. Rachel Reeves announced in a speech on Wednesday (January 29) that the Castle Donington airport will be partnering with a leading developer to build a new logistics and advanced manufacturing park near the site.
Prologis would be behind the project, having already developed logistics parks at airports in London, Amsterdam and New York. A planning application for the new park has now been submitted to North West Leicestershire District Council and if approved, those behind it say it would bring £132 million of economic growth per year to the East Midlands. The plans, forming part of the wider East Midlands Freeport project, would include a dedicated centre for logistics job training and education. The East Midlands Airport says its 'unrivalled cargo operation', which is set to grow by 54 per cent between now and 2043, is acting as the 'catalyst' for plans like the Prologis project. Confirming the news at a speech in Oxfordshire on broader government plans to grow the UK economy, Chancellor Rachel Reeves said: 'I am pleased to announce a partnership between Prologis and Manchester Airport Group (MAG) in the East Midlands, where the metro mayor Claire Ward is doing an excellent job growing the local economy there. 'Prologis and MAG will work together to build a new advanced manufacturing and logistics park at East Midlands Airport, unlocking up to £1 billion of investment and 2,000 jobs at the site. A major investment from a global business into our country, representing a huge vote of confidence in the East Midlands and in the UK.' EMA’s managing director Steve Griffiths labelled its new partnership an 'exciting step' for the region. Mr Griffiths said: “I’m delighted to announce Prologis as our global development partner and excited by the prospect of unlocking significant investments in East Midlands Freeport for the region. 'This is an exciting step forward for growth in and around the airport, as our unrivalled cargo operation continues to act as a catalyst for investment in our region and we look at ways to build on its success.” Tom Newman-Taylor, the CEO of the East Midlands Freeport said the project presented a rare opportunity to transform the area around the airport. Mr Newman-Taylor added: 'We welcome this announcement and Prologis' commitment to East Midlands Freeport and this unique opportunity to drive transformative growth in the region. This is a positive first step in realising the full potential of the freeport's tax sites which, when fully developed, will be transformative for the East Midlands economy. 'Working collaboratively with all our partners we can realise our ambition of creating 20,000 jobs and unlocking billions of public and private investment into the region.' A freeport is a defined geographical area containing sites which can offer businesses major tax discounts compared to what they would normally be charged. The aim is to attract new investors into the UK and for high-quality jobs to follow, with the East Midlands Freeport becoming operational in March 2023. The East Midlands Freeport zone, the only inland freeport in the UK, contains three tax sites which are fixed and set out in law. They include its primary port at the East Midlands Airport and Gateway Cluster, land at Ratcliffe-on-Soar around the former power station and the East Midlands Intermodal Park in Derbyshire, near Toyota's major manufacturing plant. Support given to companies who base themselves at these three sites includes relief from any business rates for five years, relief from having to pay National Insurance contributions for three years, and no stamp duty being charged on the purchase of any land or property within the sites. Activity has already included parts of the SEGRO Logistics Park near the East Midlands Airport, a 700-acre development of logistics accommodation that gives businesses ranging from Amazon to DHL direct access to a rail freight terminal. The new plans would be separate to the SEGRO site and Paul Weston, the regional head of Prologis UK, said: 'Our partnership with MAG aims to realise the full potential of this strategic hub for international logistics. 'Our shared vision is to leverage the freeport status and central location of East Midlands Airport to create a high-impact gateway that drives economic growth, innovation and employment opportunities across the Midlands. By bringing our expertise in logistics developments to the table, we are confident that our partnership will unlock significant benefits for both the local community and the broader UK economy.
EAST MIDLANDS AIRPORT LOGISTICS MANUFACTURING FREEPORT INVESTMENTS JOBS
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
East Midlands Airport Issues Weather Update Amidst Forecasts of Unsettled ConditionsEast Midlands Airport advises passengers to stay informed about potential weather disruptions and check with their airlines for updates.
Read more »
East Midlands Airport Issues Weather Update for PassengersEast Midlands Airport advises passengers to stay informed about potential weather disruptions due to Met Office warnings for snow and ice.
Read more »
A42 Closures Cause Potential Delays Near East Midlands AirportThe A42 southbound will be closed between Castle Donington and Junction 14 near Tonge for electrical works, causing potential delays for drivers. The closure starts on January 6th and lasts until January 25th, with overnight work from 8pm to 6am.
Read more »
East Midlands Airport to unveil 'significant' improvements for diamond anniversary yearEast Midlands Airport (EMA) is investing £120 million in upgrades to celebrate its 60th anniversary in 2025. The first phase of the project has already seen improvements to facilities, including a new bar, toilets, baby changing facilities, and a larger JD Sports shop. Work is also underway on expanding the security hall and upgrading passenger information systems.
Read more »
East Midlands Airport Becomes First in UK to Offer Personalized Travel Assistance TechnologyEast Midlands Airport (EMA) has implemented a new technology designed to enhance the travel experience for older and disabled passengers. The system, accessible through smartphones and similar devices, enables passengers to plan their airport visits, book services, and receive real-time updates.
Read more »
Paramotorist Captures Breathtaking Shots Above East Midlands AirportJordan Salt, a paramotorist, took advantage of East Midlands Airport's closure to fly above the runways and capture stunning aerial photographs. His flight was legal due to the airspace becoming uncontrolled during the closure.
Read more »