INVESTMENT of £6.7m has been made by Solent Freeport to support projects including highway improvements and biodiversity at Marchwood port.
The freeport, which includes areas in Marchwood and Fawley as well as Southampton, was officially designated at the end of 2022.
As reported in the A&T, the status was hailed as a once-in-a-generation opportunity, bringing tax relief, simplified customs procedures and streamlined planning processes.
Solent Freeport
The government had pledged up to £25m in funding for the project, with the potential generation of millions in retained business rates over the next 25 years which can be kept locally to spend on infrastructure and regeneration.
Now Solent Freeport has invested £6.7m seed capital funding to address infrastructure gaps in freeport sites and “create the right physical conditions” to encourage private sector investment.
At Marchwood port, this has included costs associated with demolition, earthworks and biodiversity alongside highways improvements and security.
Solent Freeport chair Brian Johnson said: “National seed capital funding is vital to support proposals and developments which in turn bring further growth and investment into the region.
“Enhancing strategic infrastructure within the Solent Freeport area will enable key partner organisations to further optimise their operations and help boost our ongoing plans to deliver long-term economic prosperity.”
He added: “This funding allocation is another illustration of our ambitious plans to attract millions of pounds of inward investment and create thousands of jobs for the population of the wider Solent region.
“We take our role in approving this significant funding very seriously as it is public money we are distributing. Business cases for the six latest projects have been thoroughly scrutinised and investigated to ensure they meet the eligibility criteria.”
Other areas benefiting from the funds include A326 improvements in Totton and Dibden.