A Freeport is a designated growth area designed to attract investment, support new industries and create jobs. It brings together government incentives, infrastructure development, skills support and local partnerships to help businesses invest and grow.
The aim of Freeports is to drive investment into deprived communities, to help increase employment opportunities and boost economic activity in the area.
The Celtic Freeport offers a package of investment incentives for qualifying businesses in its designated tax sites. These are designed to reduce the cost of investing, building new facilities, buying equipment, taking on staff and expanding operations. Alongside wider support for infrastructure, skills and innovation, these incentives aim to attract new investment into south west Wales, support the growth of green industries, and create long-term employment and supply chain opportunities for local communities.
The Celtic Freeport will focus on supporting green industries, strengthening ports and supply chains, and creating long-term opportunities for local communities.
You can read more about freeports on the UK Government website here.
Click here for an HMRC overview of the UK Freeports' business package.
The Celtic Freeport will help attract investment into south west Wales and will help accelerate:
- the roll-out of floating offshore wind (FLOW), emerging industries like hydrogen and CCUS, as well as helping existing businesses decarbonise and transition to greener forms of energy.
- substantial investment in port infrastructure at Pembroke Port and Port Talbot,
- the delivery of future green skills and training pathways for young people through a dedicated local legacy fund and the Regional Learning and Skills Partnership for South West Wales.
- the establishment of an innovation network to bring together academics and businesses, utilising Wales’ existing innovation assets like ORE Catapult.
Qualifying businesses in the Celtic Freeport’s designated tax sites have access to investment incentives from 26 November 2024 until 30 September 2034. This provides a long-term window for businesses to plan, invest and grow, helping to unlock new jobs, supply chain opportunities and green industry development across south west Wales.
Further information on the timeline for the Celtic Freeport’s delivery will be shared as projects progress and investment plans are confirmed.
Building on the extensive regional specialist skill base, transmission and pipelines, natural capital and distribution facilities, the Celtic Freeport will provide the people, services and spaces for new industries to thrive.
The Celtic Freeport will:
- help unlock the opportunity of floating offshore wind (FLOW) in the Celtic Sea
- support emerging opportunities in the hydrogen economy
- enable the industrial transition towards low-carbon energy systems, fuels and power generation,
- support the growth of effective energy distribution and transportation models.
Other industries across the marine and green economies are also well positioned to benefit from the opportunities presented by the Celtic Freeport.
The Celtic Freeport is set to pool and re-invest 25 years’ worth of non-domestic business rates growth through a number of measures, including the Regional Learning and Skills Partnership for Southwest Wales.
This all adds up to an accelerated pathway to net zero, greater productivity, resilience for existing industries and their supply chains, enhanced export potential, greater energy security and more prosperous and enriched communities for Wales.
The Celtic Freeport will support businesses and industries that will provide long-term, fulfilling employment for current and future generations.
These new jobs will be part of the evolution of existing businesses and also in support of new green industries.
Over time, the Celtic Freeport will help support opportunities in port infrastructure, alternative fuel plants, renewable energy bases and factories.
As the Celtic Freeport develops, a substantial local legacy fund will also boost skills training and retraining for local communities.
The Celtic Freeport is aiming to create new port infrastructure, alternative fuel plants, renewable energy bases and factories, as well as support the continued operation of the many businesses across south Wales.
Whether your business is a specialist supplier, a construction company or a service provider, over time and as the Freeport develops, there will be many opportunities for you and your company.
The Celtic Freeport is focused on key sites in south west Wales, including Port Talbot and Milford Haven. It brings together ports, industry, local authorities, government and regional partners to support investment, jobs and supply chain opportunities across the wider region.
The benefits of the Celtic Freeport will build over time as investment is secured, infrastructure is developed and skills programmes are put in place. The aim is to create long-term employment, training and supply chain opportunities for communities across south west Wales, while supporting the region’s transition to a greener industrial future.
The main investment incentives apply to qualifying businesses operating within designated tax sites. These incentives are designed to reduce the cost of investing, building new facilities, buying equipment, expanding operations and creating jobs. Wider opportunities will also develop for local suppliers and service providers as investment grows across the Freeport area.
