Celtic Freeport officially launches

Celtic Freeport, based at Milford Haven and Port Talbot has been officially launched, with hopes of bringing significant inward investment to South West Wales and providing thousands of new jobs.

The Freeport is to cover the ports at Milford Haven and Port Talbot and spans clean energy developments, fuel terminals, a power station, heavy engineering and the steel industry across South West Wales.

Within the Freeport area, businesses are offered significant UK Government and Welsh Government tax breaks and customs exemptions to encourage investment and growth.

The Celtic Freeport is set to attract £8.4bn of private and public investment, deliver 11,500 new jobs and add £8.1bn of economic value (GVA) to the local economy.

The Celtic Freeport opened for business in November 2024 and will be supported by £26 million of UK Government investment. It has now been officially launched at an event in Cardiff, attended by the secretary of state for Wales Jo Stevens, and Rebecca Evans, cabinet secretary for economy, energy and planning.

Secretary of State for Wales, Jo Stevens said: "This Government has a Plan for Change focused on delivering economic growth and ensuring that the UK is a renewable energy superpower. This announcement is a significant step towards achieving those ambitions.

"The Celtic Freeport will create up to 11,500 well-paid, highly skilled jobs and could leverage up to £8.4bn in investment.

"The UK Government and Welsh Government have provided a package of significant incentives, which will be supplemented by up to £26 million from the UK Government subject to approval of the Freeport’s business case. I am very pleased that we now have two governments working in partnership to deliver for people of Wales."

Rebecca Evans, Welsh Government Cabinet Secretary for Economy, Energy and Planning said: "The official opening of the Celtic Freeport sends another clear signal to the world that the industrial heartlands of South Wales are a vital cog in the growth and future prosperity of the UK’s low-carbon economy. We are already seeing a real appetite across the region and beyond to make the most of the skills and job opportunities that this new industrial age will provide.    

"The Welsh Government will be at Celtic’s side providing major tax reliefs to attract business investment, and the Freeport will be able to use future non-domestic rates revenues for vital infrastructure and skills projects which will benefit Port Talbot and Milford Haven for generations to come."