Anglesey Freeport secures final approval and £25m in government funding
Anglesey Freeport secures final approval and £25m in government funding
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Anglesey Freeport, a joint venture between Stena Line and Isle of Anglesey County Council, has received final approval from the UK and Welsh governments for its Full Business Case, unlocking £25 million in seed capital and paving the way for delivery of the project.
The decision follows the approval of the Freeport’s Outline Business Case earlier this year, which designated two major tax sites on the island, the ‘Anglesey Prosperity Zone’ and the ‘Central Anglesey Tax Sites’. Businesses locating within these areas will benefit from special tax reliefs designed to attract investment and stimulate economic growth across North Wales.
With all necessary approvals in place, the Freeport will now transition to its delivery phase. Approval of the North Anglesey Tax Site is expected later this year.
Anglesey Freeport aims to act as a hub for global trade, innovation and investment, with a focus on supporting local talent, creating new jobs and advancing low-carbon energy opportunities.
Outline planning permission is also expected shortly for a new technology park at Prosperity Parc, the former Anglesey Aluminium site within the Prosperity Zone. At peak, the proposals are forecast to generate up to £578 million a year for the local economy, around a third of Anglesey’s current GDP, and create approximately 1,200 jobs.
Ian Davies, Head of UK Port Authorities at Stena Line, said: “We are delighted that Anglesey Freeport is now fully operational, following the approval of our full business case. This milestone is the culmination of all the work to date by Stena Line and the Isle of Anglesey County Council. We would like to thank UK and Welsh Government for their continued support in developing the Freeport and commitment to realising its vision.
We will now deliver on the promise of the Freeport which is to attract investment, protect the Welsh language and culture, create thousands of new jobs and boost economic growth across North Wales.”
Isle of Anglesey County Council Chief Executive Dylan J. Williams added: “The approval of the Full Business Case is another significant step forward in delivering Anglesey Freeport and boosting the local economy. Together with Stena Line, we have invested a considerable amount of time and effort into this transformational opportunity.
“There are, we hope, exciting times ahead as our partnership creates a solid foundation to deliver significant investment and long-term economic benefits for the island and North Wales, helping address our local and regional needs. This investment will further help protect the Welsh language and maintain sustainable communities.
“Unlocking £25m in Government funding would allow us to make further progress in developing our three taxes sites, ensuring that Anglesey Freeport brings major new investment, jobs and supply chain opportunities.”
UK Minister for Local Growth Alex Norris MP said: “Growing the economy is the number one priority of our Plan for Change and Freeports have a crucial role to play in making that happen.
That’s why it’s brilliant the Anglesey Freeport has taken this huge step forward towards attracting investment, creating new jobs and boosting opportunities in the area.
This just goes to show what can be achieved when central and devolved governments work together to deliver for communities.”
Cabinet Secretary for Economy, Energy and Planning Rebecca Evans said: “Anglesey Freeport has the potential to supercharge economic growth and high-quality jobs creation in North Wales; and it has taken another significant step towards accessing £25 million in seed capital to capitalise on this transformational opportunity.
We continue to work hand-in-hand with the UK Government to drive economic prosperity across the region.”
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