The Isle of Axholme is in line to benefit from a jobs boost and millions of pounds of investment after the business park at Humberside Airport was made an enterprise zone.
The 94 acre airport EZ has already attracted the likes of Hilton Hotel and BAE Systems to the site.
Government-approved EZs are areas in which state incentives such as tax concessions are offered to encourage business investment.
Businesses who move to the airport site could be in line to reclaim 100 per cent tax back on building, equipment and machinery costs.
Business leaders estimate the new zone could create thousands of jobs and spark tens of millions of pounds worth of investment from relocating firms.
Councillor Rob Waltham, deputy leader of North Lincolnshire Council, said: “Having enterprise zone status presents some fantastic opportunities to businesses and will be a major draw in attracting new companies to the area. These are huge levels of investment in North Lincolnshire that will create thousands of jobs.
“North Lincolnshire is on the cusp of becoming the business capital of the Humber sub-region. Providing incentives to attract businesses is good for the area. It creates job and training opportunities. It demonstrates not only the government’s commitment to business growth, but shows potential businesses that North Lincolnshire is an attractive place to invest.”
Deborah Zost, managing director of Humberside Airport, said: “We are delighted with the news and are confident that this will encourage new businesses to Humberside.
“The airport’s location has been a key driver for businesses in the past and this development will provide a further incentive.”