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