The locations of two new economic freeports for Wales have been announced.

The UK and Welsh governments said a bid for Anglesey and a bid covering Port Talbot, between Swansea and Cardiff, and Milford Haven, in Pembrokeshire, have both been successful.

The new sites are expected to bring in almost £5bn in private and public investment and create over 20,000 jobs, according to UK government estimates.

Freeports areas have different economic regulations to other parts of the UK.

The sites will, for example, have tax and customs incentives to boost investment in those areas.

What are freeports?

Prime Minister Rishi Sunak visited the site of the freeport planned for Anglesey.

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He said that Wales is a “thriving” part of the UK.

“Today’s new freeports will see businesses and opportunities for people in and around Anglesey, Port Talbot and Milford Haven go from strength to strength,” he added.

“Everyone deserves equality of opportunity and working closely with the Welsh government has helped to deliver these fantastic new sites.”

Wales First Minister Mark Drakeford added: “The Welsh government has a clear economic mission to transform the Welsh economy, creating a stronger, fairer and greener future.

“The joint working between governments on the freeport programme should serve as a blueprint for future intergovernmental work on a whole range of issues.”

‘Game changer’

There are already eight freeports in England and the UK government is working with the Scottish government to create two green freeports north of the border.

The freeports are separate from the investment zones announced at the recent budget, but the government’s aim is that they will work alongside each other to generate growth in the economy.

Anglesey Freeport will focus on marine energy technology and low carbon energy and aims to attract £1.4bn worth of investment and create at least 3,500 jobs.

The leader of Anglesey County Council said that the status “will be an important driver in securing a brighter future for the people of Ynys Môn and indeed North Wales”.

Celtic Freeport, covering Milford Haven and Port Talbot, plans to create 16,000 jobs and is hoping to get an investment of £3.5bn in the hydrogen industry. It will focus on technologies to support a reduction in carbon emissions, such as floating offshore wind.

Leader of Neath Port Talbot Council Steve Hunt says that the announcement was “an absolute game changer”, with Pembrokeshire County Council leader David Simpson adding that it would “unleash the full green industrial potential of Wales”.

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The bidding process took place at the end of last year and the successful bids will now go on to develop an outline business case.

The UK government said it would also work with the unsuccessful bidder to develop its plans.

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