Councillor Evans OBE (Leader of the Council) introduce the report, David Draffan (Service Director, Economic Development), Ian Cooper (Operations Director, PASD Freeport) and Jan Ward CBE (Chair of the PASD Freeport Board), and highlighted:

a)    Freeports would transition into a industrial strategy zones under new government plans;

b)    The Plymouth and South Devon Freeport (PASDF) had contributed £1.3 million seed funding into the Council’s £23 million investment partnership with Associated British Ports (ABP) to transform Millbay docks, providing new facilities to support export growth;

c)    PASDF had also supported the widening of Cattewater Harbour to attract larger, and greener, vessels;

d)    Planning permission had been secured for Oceansgate Innovation Barns and work on site was due to begin shortly;

e)    PASDF had provided funding to enable Princess Yachts to expand their South Yard operation;

f)     Direct development of Freeport in Beaumont Way was nearing completion;

g)    Sherford employment land had been secured by PASDF funding;

h)    Recent announcements on investment in defence in Plymouth, could lead to more opportunities for PASDF;

i)     The industrial strategy had identified eight key growth sectors which aligned with Freeport gateway sectors of defence, clean tech, advanced manufacturing, marine and space;

j)     PASDF worked with GAP partners, led by PCC, on the Government ask for a 10-year investment programme to develop new technologies and capabilities focused on marine autonomy;

k)    PASDF had also commissioned a marine autonomy research project in collaboration with PCC following the Government’s designation of Plymouth as the UK’s National Centre for Marine Autonomy;

l)     This supportive, mission-led approach was geographically focused on the three tax sites established at South Yard, Langage, and Sherford, plus the ports of Plymouth;

m)  £25 million in seed funding was matched by £47 million locally;

n)    Twelve seed capital projects were all initiated, with three completed and two nearing completion;

o)    Langage developments included spine roads to unlock employment land;

p)    PCC’s direct development at Beaumont Way construction had made swift progress;

q)    Social value and engagement targets had been met and in some cases exceeded;

r)    Carlton Power had signed a contract for green hydrogen production at Langage;

s)     A demand study had identified the fast-moving consumer goods sector as the likely early adopter of green hydrogen, but also forecast demand from the marine and defence sectors from the mid 2030’s;

t)     Sherford land had been secured for defence use with infrastructure improvements planned;

u)    Babcock had announced intentions to invest further in PASDF by establishing an integrated logistics hub and advanced manufacturing facility;

v)    Floating offshore wind opportunities were being explored in alignment with clean tech goals;

w)   In driving local growth, PASDF would provide advice and support, and had already supported talks between Freeport land owners to agree a joint venture that would create a development structure for Langage;

x)    PASDF was fairly unique in that its gateways aligned so well with Government priorities;

y)    Growth Alliance Plymouth (GAP) was important to ensure work was focused and didn’t duplicate.

In response to questions, the following was discussed:

z)    PASDF supported SMEs through partnerships and skills programmes and more information would be circulated by officers following the meeting ACTION;

aa)  Pre-letting of units indicated strong demand for industrial space;

bb)Concerns about governance changes and the local government review were noted;

cc)  PASDF remained embedded in the city’s growth agenda;

dd)Future funding opportunities were anticipated through government strategies.

The Panel agreed to:

1.    Note the Freeport Annual Report.