The UK and Welsh Governments welcomed Ed Tomp as the newly appointed permanent Chair of the Celtic Freeport, marking the project's transition from the development to the delivery phase.
Ed Tomp will lead the re-industrialisation and regeneration project. The Celtic Freeport is set to attract £8.4 billion of private and public investment, deliver 11,500 new jobs and add £8.1 billion of economic value (GVA). This vision is underpinned by investment incentives for businesses setting up new operations in designated development zones – tax sites – in Neath Port Talbot and Pembrokeshire.
From 26 November 2024 until 30 September 2034, businesses investing in Celtic Freeport’s tax sites can access a suite of incentives. These include no Business Rates for the first five years, significant reductions in national insurance contributions and enhanced capital allowances including extended full capital expensing, to support their investment decisions.
The Celtic Freeport is a public-private consortium including Associated British Ports, 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.
Rebecca Evans MS, Welsh Government’s Economy, Energy and Planning Cabinet Secretary, welcomed the news, saying:
“Reaching this milestone is excellent for Wales – and for Neath Port Talbot and Pembrokeshire especially. The Celtic Freeport is well-placed to secure significant investment, with the designation of the tax sites providing businesses with the confidence and stability they need to invest and grow. Most importantly, this will create good, highly skilled, sustainable jobs for people in and around Neath Port Talbot and Pembrokeshire, with further supply chain opportunities across Wales. I look forward to continuing to work with all partners to ensure that it delivers just that.”
Alex Norris MP, Minister for Local Growth, said:
“It’s fantastic to see the Celtic Freeport open for business. This will help create jobs and boost innovation in Milford Haven, Port Talbot and the rest of South-West Wales. This is a major milestone and it will help unlock the investment that will drive growth in Wales for generations to come.”
Rt Hon Jo Stevens MP, Secretary of State for Wales, said:
“It’s fantastic to see the Celtic Freeport take this important step towards providing good, local jobs and investment in Neath Port Talbot and Pembrokeshire. The UK Government is investing £26 million in the Freeport and providing significant incentives to ensure that our vision of a new industrial economy in South West Wales becomes a reality.”
Sarah Jones MP, Minister of State for Industry, UK Government, said:
“This is great news for Port Talbot and Pembrokeshire and a major step towards securing thousands of good, new local jobs in the green industries of the future. These sites will help drive investment into the local economy, and together with our upcoming Industrial Strategy and record-breaking International Investment Summit, we’re showing investors that South West Wales is truly open for business.”
“This week marks an important moment as we move from the development to delivery phase. Boosted by a suite of investment incentives, Celtic Freeport's development plan will march forward to support existing industry to decarbonise, while creating an ecosystem between Pembrokeshire and Neath Port Talbot where green industries like sustainable fuels, hydrogen and floating offshore wind can prosper,” said Ed Tomp, Chair of the Celtic Freeport.
