Freeport plans take another step forward as outline business case approved

PLANS to create a new freeport in the Celtic Sea have taken another step forward after the approval of an outline business case was given by both the Welsh and UK governments. The multi-million pound project is part of an approved bid between Associated British Ports, Neath Port Talbot Council, Pembrokeshire County Council and the Port of Milford Haven, which was submitted under the name of the Celtic Freeport. It could eventually see the development of a new freeport as well as a large offshore floating wind-farm in the Celtic Sea, along with the development of new hydrogen technology in the coming years.

Supporters of the development, which was first approved by UK Government in March 2023, have previously said they believe the site could generate more than GBP5.5 billion worth of investment along with around 16,000 jobs once up and running. Freeports are special areas within the UK’s borders where different economic regulations apply, such as tax incentives for eligible businesses within them. They also offer simplified customs procedures, and streamlined planning processes to boost redevelopment in the areas close to them.

Members at a Neath Port Talbot Council meeting recently heard how plans for the new freeport were progressing after an outline business case, submitted to both governments in December 2023 had now been signed off.

This latest approval means that “subject to parliamentary processes” the first two tax sites in the project could now become live in November of 2024. It also comes just months after the appointment of the first permanent CEO of the company, with Luciana Ciubotariu taking up the position. In a report given to members, chief executive of Neath Port Talbot Council, Karen Jones said: “I am pleased to report to members that we have now received confirmation from the governments that the outline business case has been approved.

“As a consequence, the statutory instrument for bringing the first two tax sites into effect has been laid on October 17, 2024 and it is anticipated that the tax sites will, subject to parliamentary processes, become live in November 2024.”

It was also noted at the meeting that a full business case for the site had been submitted in October of 2024 with the authority hoping to receive an early decision.