The East of England's low-tax, low-regulation scheme is now backed by an incorporated company.

Freeport East Limited was incorporated this week and will be the company behind planned Stowmarket business park Gateway 14 as well as industrial sites in Felixstowe and Harwich ports.

Cllr Craig Rivett, deputy leader of East Suffolk Council and cabinet member with responsibility for economic development, said: "The formal incorporation of Freeport East Limited supports the development of a global trade hub that will generate sustained economic growth and employment opportunities.

"Freeport East is open for business with generous tax reliefs available to businesses wishing to invest here.

"Freeport East is ideally placed to strengthen trading links with the rest of the world and attract inward investment to the regional economy.

"It presents opportunities to develop local skills, maximise value in the supply chain through collaboration, and to address environmental issues through improved design and infrastructure."

Freeports are areas that benefit economically from measures such as tax reliefs, simplified customs schemes and the opportunity to delay paying tariffs.

Freeport East is one of eight freeports in England announced by the chancellor of the exchequer in March 2021.

The government's intention was to create jobs and support trade, investment and innovation.

The incorporation of Freeport East Limited took place on Tuesday and was announced by the leader of East Suffolk Council, Cllr Steve Gallant, at a cabinet meeting the same day.