Humber Freeport is £1bn inward investment success story: Stephen Silvester

The true economic impact of inward investment comes not just from the initial, direct expenditure but also from the long-term multiplier effects that this creates within the local economy. In fact, the long-term benefits can be exponentially increased by ensuring that local businesses are able to take full advantage of the supply chain opportunities that arise from major investment projects.

It’s widely acknowledge that this clustering of economic activity boosts the skillset of local people and helps to build a more resilient economy.

A prime example of this is Siemens Gamesa’s investment in a new offshore wind turbine blade manufacturing facility at the Port of Hull, which brought direct investment of £310 million but was also the catalyst for a wealth of new opportunities for local businesses in an emerging sector, helping to upskill the regional workforce and make the area more attractive to further investment.

Similarly, the Humber Freeport has demonstrated how strategic investment can generate widespread economic benefits. Over the past year, it has attracted more than £1 billion in new investments, leading to the future creation of more than 700 skilled jobs across several key sectors, such as advanced manufacturing, technology, ports and green energy. Notable projects include Equinor’s low-carbon hydrogen plant and Pensana’s rare earth processing facility at Saltend, as well as Metsä Tissue’s major investment in Goole, where it plans to develop the UK’s largest paper tissue mill.

These investments are strengthening the region’s infrastructure, boosting innovation and reinforcing East Yorkshire’s reputation as a global trade and decarbonisation hub.

Here at Invest East Yorkshire, part of our role is to maximise the benefits of inward investment for local businesses and communities. One of the ways that we do this is by encouraging businesses to join our Supply Chain Network, an online platform featuring a Supplier Directory to help businesses make contact with local suppliers and an Opportunities Map to help them capitalise on emerging opportunities. We’ve taken this approach a step further by encouraging businesses to sign up to our Supply Chain Promise, which means making a simple commitment to consider using local and regional suppliers when sourcing goods and services.

By making The Supply Chain Promise, businesses can save money by sourcing locally; strengthen supplier resilience; boost their environmental, social and governance credentials; and enhance their reputation among stakeholders. They can display a Supply Chain Promise badge to demonstrate that they’ve adopted a responsible approach to procurement and are part of growing community of businesses committed to sustainable growth, local investment and long-term prosperity.

By fostering stronger links between investors and the local supply chain, we can drive sustainable economic growth that extends far beyond the initial capital investment, creating a thriving business ecosystem that benefits everyone in the region. This is the true measure of successful inward investment.

Stephen Silvester is Inward Investment and Infrastructure Manager at Invest East Yorkshire