George Kieffer, Chairman of the Freeport East Project Board, said: “We are delighted to have been chosen by the Chancellor as one of the first new Freeports in the UK for a number of years.
"Freeport East offers a unique opportunity to build a truly global trade hub at the same time as accelerating opportunities in green energy and helping level-up the economy.
"We look forward to working with the Government to further develop our business plan and to realising the potential that this opportunity represents.”
Freeports also allows the Government to determine how businesses apply for the tax cuts which could improve the condition of workers.