New chairman for Celtic Freeport as it moves to delivery phase
Ed Tomp, the newly appointed chairman of the Celtic Freeport, has been welcomed by the governments in Wales and the UK. The Celtic Freeport private-public sector partnership is led by Associated British Ports which operates in Newport. It is set to attract GBP8.4bn of private and public investment, deliver 11,500 new jobs and add GBP8.1bn of economic value.
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. Up until September 30, 2034, businesses investing in Celtic Freeport's tax sites can access a suite of incentives, including no business[1] 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. 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."