Plans for two freeports in Wales is a “double boost” for the Welsh economy, business organisations have said. On Wednesday evening, the UK and Welsh governments announced that two freeports had been agreed for Wales, despite initially focusing on approval for only one freeport.
The two freeports will be located in the Port of Holyhead in north Wales and a multi-site bid (the Celtic Freeport) covering the Port of Milford Haven and Port Talbot in south-west Wales. Both will receive £26m of seed funding each from the UK Government and benefit from simplified customs procedures, relief on customs duties, tax benefits, and development flexibility.
They have the potential to create 20,000 new jobs and secure combined private and public sector investment of £5bn by 2030. The Welsh freeports will also promote fair work opportunities and prioritise environmental sustainability and the climate emergency, at the insistence of the Welsh Government.
