North Lincolnshire has been given the green light for two freeport special economic areas which are expected to create thousands of jobs.
The Able Marine Energy Park has been designated as a tax site to attract businesses and give them a competitive edge.
The announcement softens the blow of initially missing out on £90 million of Levelling Up cash in the Budget.
The local authority can bid for more cash to improve the town centre, transport and housing in the next round in spring 2022.
The freeport zones could begin operating as soon as next month.
North Lincolnshire Council leader Councillor Rob Waltham said: “This is further fantastic news from government which is backing the plans we have for growth and development – this confirmation will help businesses drive investment and will see jobs created and prosperity increased.
“The development of the freeport will help create thousands of well-paid, sustainable jobs.
“This is just one of a whole host of measures, announced by the Chancellor, which are designed to support businesses to lead the recovery. We’ve seen economic growth has risen higher than expected and the forecast suggests we will be back at pre-pandemic levels much sooner than initially anticipated.”
The Humber was one of eight areas which was designated as a special trading zone in the Spring Budget. This will allow selected sites to invest and attract major manufactures by lowering tariffs.
The Port of Hull and Goole will also be tax sites within the Humber.
Customs sites and seed capital sites will also come online in the future.
Chancellor Rishi Sunak awarded £1.7 billion of Levelling Up funding in the Budget.
94 bids were accepted out of around 300 which were received, with North East Lincolnshire also missing out.
Local authorities will now receive feedback on their submissions, with the next window for applications opening in the spring.