The East Midlands Development Corporation is one of the key projects of the Midlands Engine, the partnership of private and public sector sector organisations which works to promote investment and growth across the region.
The East Midlands Development Corporation is a collaboration between five councils – Leicestershire, Nottinghamshire, North West Leicestershire, Rushcliffe and Broxtowe, which have committed to funding the initiative. A business case was submitted to the Treasury on 19 March, and work will get underway on 1 April 2021.
“This is an exciting time for the East Midlands. Our bid for a freeport for our region has been accepted, meaning we will play host to the UK’s only inland freeport.
“This latest initiative will build on this: the East Midlands Development Corporation is set to attract even more investment, as we look to emulate transformational infrastructure projects in places like Manchester and East London. I am pleased that the LLEP is supporting this programme, which will see marked improvements to our already world-class transport infrastructure.”
– Kevin Harris, Chair of the LLEP Board of Directors.
The East Midlands Development Corporaton will be one of the biggest opportunities for long-term investment in the UK, with the potential to transform the entire region.
Centred around three major projects:
- Toton and Chetwynd
- East Midlands Freeport
The East Midlands Freeport has already been announced, and could create 60,000 jobs in the region.
The East Midlands Development Corporation will look to build on the existing strengths of the region whilst simultaneously addressing challenges. It will aim to create a national centre for decarbonisation, a new ‘garden of innovation’ and the UK’s biggest trade and freight gateway.
By 2045, the East Midlands Development Corporation aims to have created 84,000 new jobs, £4.8bn GVA and 4,500 new homes in the region.