News & Media
14th October 2022
Port of Tyne backs applications for Investment Zone status
Today (14 October), the North of Tyne Combined Authority and South Tyneside Council lodged an applications to the Government for an Investment Zone that would cover the development areas, industrial clusters and key terminals along the banks of the River Tyne, including prime development land on the north and south bank at the Port of Tyne.
The Port of Tyne has sent a letter of support to Rt Hon Simon Clarke MP, the responsible Secretary of State, making the case for the region's Investment Zones, while mapping out the preparatory steps – including major infrastructure and digital improvements – with international, national and regional partnerships established to ensure that the region's Investment Zones are a success.
Matt Beeton, CEO of the Port of Tyne, commented: “The Port of Tyne wholeheartedly backs the Investment Zone applications for the development areas along the banks of the Tyne and around the Nissan plant, alongside other zones across the North East, from Sunderland to Blyth.
“The North East Investment Zones will accelerate the journey to a decarbonised future by priming the region's development areas and innovation assets to support substantial growth in target sectors – from offshore wind and the hydrogen economy to electric vehicle and battery manufacturing capacity – and serving the demands of the UK’s energy security and automotive transition.
“The Investment Zones will act as a catalyst for businesses along the Tyne, the automotive cluster around the Nissan plant and the region's innovation assets and academic institutions, allowing them to generate major supply chain growth over the coming decade and ensuring that the content, skills and employment are captured here in the UK.
“We firmly believe that Investment Zone status will shift the dial on business investment decisions and will drive more inward investment in the years to come.”
Launched earlier this year, the Tyne Powered Partnership clearly demonstrates a unity of purpose between the public and private sector partners along the River Tyne that will make a success of Investment Zones across the region.