Celtic Freeport appoints permanent chair as delivery phase begins

This marks a significant milestone as the project transitions from the development to the delivery phase. Mr Tomp took on his role on December 1, 2024, and will lead the re-industrialisation and regeneration initiative. The Celtic Freeport is set to attract GBP8.4 billion of private and public investment[1], create 11,500 new jobs, and add GBP8.1 billion of economic value (GVA).

This vision is supported by investment incentives for businesses establishing new operations in designated development zones, known as tax sites, in Neath Port Talbot and Pembrokeshire. From November 26, 2024, until September 30, 2034, businesses investing in Celtic Freeport's tax sites can benefit from a range 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, said: "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."

Ed Tomp, chair of the Celtic Freeport, said: "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."

References

1. ^ investment (www.thisismoneyback.co.uk)