UK and Welsh Governments Welcome Ed Tomp as Permanent Chair of Celtic Freeport

Project Enters Delivery Phase, Signaling Economic Growth and Job Creation

The UK and Welsh Governments last week officially welcomed Ed Tomp as the permanent Chair of the Celtic Freeport, marking a significant milestone as the project transitions from development to delivery.

Taking on the role on 1 December 2024, Tomp will lead this transformative initiative, which aims to drive re-industrialization and regeneration in South-West Wales. The Celtic Freeport is projected to secure £8.4 billion in combined private and public investment, generate 11,500 new jobs, and add £8.1 billion in economic value (GVA). Businesses establishing operations in the Freeport’s tax sites in Neath Port Talbot and Pembrokeshire will benefit from a comprehensive package of incentives designed to stimulate investment and growth.

Unlocking Incentives for Investment

Between 26 November 2024 and 30 September 2034, companies investing in the Freeport’s designated tax sites will have access to various financial benefits. These include five years of zero Business Rates, reduced national insurance contributions, and enhanced capital allowances such as extended full capital expensing, ensuring businesses are well-supported in their ventures.

A Collaborative Vision for Growth

The Celtic Freeport represents a public-private partnership involving Associated British Ports, Neath Port Talbot Council, Pembrokeshire County Council, and the Port of Milford Haven. It also includes contributions from renewable energy developers, energy companies, industrial complexes, academic institutions, and education providers. The initiative spans key locations like Milford Haven and Port Talbot and encompasses clean energy projects, innovation hubs, fuel terminals, and heavy engineering sites across South-West Wales.

Positive Reception from Government Leaders

Rebecca Evans MS, Welsh Government’s Economy, Energy, and Planning Cabinet Secretary, highlighted the project’s importance for Wales:
“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, praised the project’s potential:
“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.”

Rt Hon Jo Stevens MP, Secretary of State for Wales, added:
“It’s fantastic to see the Celtic Freeport take this important step towards providing good, local jobs and investment in Neath Port Talbot and Pembrokeshire. The UK Government is investing £26 million in the Freeport and providing significant incentives to ensure that our vision of a new industrial economy in South-West Wales becomes a reality.”

Sarah Jones MP, Minister of State for Industry, emphasized the Freeport’s role in fostering green industries:
“This is great news for Port Talbot and Pembrokeshire and a major step towards securing thousands of good, new local jobs in the green industries of the future. These sites will help drive investment into the local economy, and together with our upcoming Industrial Strategy and record-breaking International Investment Summit, we’re showing investors that South-West Wales is truly open for business.”

Driving Innovation and Sustainability

Ed Tomp, Chair of the Celtic Freeport, reflected on the project’s next phase:
“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 decarbonize, while creating an ecosystem between Pembrokeshire and Neath Port Talbot where green industries like sustainable fuels, hydrogen, and floating offshore wind can prosper.”

For more information, visit the Celtic Freeport website or follow their updates on LinkedIn, X, and YouTube.