The Celtic Freeport is officially “open for business” following the designation of its tax sites located in Neath Port Talbot and Pembrokeshire by the Welsh and UK Governments.
The major step forward unlocks the investment incentives to deliver the freeport’s vision.
This milestone is also accompanied by the appointment of the first permanent Celtic Freeport Chair, Ed Tomp, to take this important re-industrialisation and regeneration project to fruition.
He started his new role on December 1st, 2024.
Until 30th September 2034, businesses investing in Celtic Freeport’s designated development areas – tax sites – can access a suite of incentives, such as no Business Rates for the first five years, significant reductions in national insurance contributions and full capital expensing (a tax relief scheme), to support their investment decisions.
Forecasts indicate the Celtic Freeport is set to attract £8.4bn of private and public investment, deliver 11,500 new jobs and add £8.1bn of economic value.
Welcoming the news, the Leader of Neath Port Talbot Council, Cllr Steve Hunt, said:
“This is an extremely important day for Neath Port Talbot and surrounding areas as these announcements mark the beginning of what the Celtic Freeport can offer – a new era of major investment in clean energy, innovation and other industries creating much needed, high-quality jobs for our residents.
“The tax sites which have been approved by Parliament will provide an incentive for businesses to breathe new life into this region and with a permanent Chair now in place it is very much ‘all systems go’ for the Celtic Freeport.
“I also wish to give my thanks to the Interim Chair of the Celtic Freeport, Roger Maggs, who supported us through this entire process until he handed the reigns over to the new permanent chair.”
Frances O’Brien, the Chief Executive of Neath Port Talbot Council, added:
“The Celtic Freeport is developing quickly and these announcements mark a significant shift in the fortunes of Neath Port Talbot, our neighbouring authorities and Wales as a whole.
“The Freeport’s involvement in the fast-growing Floating Offshore Wind (FLOW) industry offers a once-in-a-lifetime opportunity to create thousands of clean, green jobs and to expand our economy. Our doors are now open to those who wish to join us on our journey.”
The Celtic Freeport is a public-private consortium whose partners include Associated British Ports (ABP), Neath Port Talbot Council, Pembrokeshire County Council and the Port of Milford Haven, alongside renewables developers, energy companies, industrial complexes, innovation assets, academic institutions and education providers.
The Celtic Freeport covers the ports of Milford Haven and Port Talbot and spans clean energy developments and innovation assets, fuel terminals, a power station and heavy engineering across South-West Wales.
