Wales freeports are announced!
Following the recent announcement of the Scottish green freeport locations, the UK Government has confirmed there will be two freeports in Wales. Promising to deliver over 20,000 jobs and £5 billion in investment, Wales freeports hope to mimic the growth caused by freeport status in other UK areas.
But where are the Welsh freeports, and what will they be focusing on? Find out in this article.
The location of Wales’ freeports
The Welsh freeports consist of the Celtic Freeport on the southern coast, and Anglesey Freeport in the north.
The Celtic Freeport
The Celtic Freeport is focused on green skills, advanced manufacturing, and economic growth in Wales. The initiative is said to bring in £5.5 billion in investment, create over 16,000 green jobs, elevate the Welsh steel industry at Port Talbot, and accelerate the production of offshore wind supply.
This freeport is unique in its geographical setup, in comparison to the freeports in Scotland and England, due to it covering two separate areas. The Celtic Freeport will provide tax benefits throughout Pembrokeshire and Neath Port Talbot, with businesses in the Carmarthenshire and Swansea areas (situated between the two) not benefitting from freeport status.
Anglesey Freeport
Located in the north of Wales, the Anglesey Freeport is due to create more than 13,000 high-skilled, high-wage jobs over the next 15 years, increase manufacturing in Wales, and stimulate investment into research and development of green technologies.
As part of the job and wage target, the Anglesey Freeport is also pairing with higher education facilities in the area – which has one of the lowest GVAs per capita and has been crying out for a solution to the low prospects for younger residents.
The Isle of Anglesey has been dubbed “Energy Island” due to the already-huge concentration of research and development that has been concentrated there in the energy sector. The new freeport status is set to accelerate innovation in the sector and capitalise on emerging hydrogen technologies, similar to the focus of Scotland’s green freeports.
The benefits of the freeports in Wales
Locally, the investment in Wales’ freeports looks to improve the floating offshore wind sector and provide skilled jobs to the country, providing energy and employment security. With freeports across the UK driving development in the green energy sector, the shared technology and advancements seek to create a stable energy economy for the UK.