Two freeports have been confirmed for Wales by the UK and Welsh governments.
Celtic Freeport, covering Milford Haven and Port Talbot, and Anglesey Freeport will each be backed by £26 million in seed funding by the UK government.
The sites were chosen to exploit opportunities from renewable energies and the government said they would ‘make a significant contribution to achieving the UK’s net zero ambitions’. They will aim to attract £5 billion in private and public investment and create over 20,000 high-skilled jobs by 2030.
Freeports benefit from a range of subsidies, including tax reliefs, customs advantages, reduced business rates, planning, regeneration and trade and investment support.
Tax incentives include enhanced capital allowances, relief from stamp duty land tax and reduced employer national insurance contributions (NICs) for new employees.
First Minister of Wales, Mark Drakeford, said:
‘The Welsh government has a clear economic mission to transform the Welsh economy, creating a stronger, fairer and greener future. The designation of these sites as Wales’s first freeports will reinforce that mission, building on the significant investments and partnerships we have made in these regions over many years.
‘The joint working between governments on the freeport programme should serve as a blueprint for future intergovernmental work on a whole range of issues.’
Internet link: GOV.WALES