Celtic Freeport, set to create thousands of jobs, is now open for business in Neath Port Talbot. The announcement was made during a recent full council meeting, where officials discussed the potential for the site to significantly boost the local economy and benefit Wales as a whole. This multi-million-pound project is the result of a partnership between Associated British Ports, Neath Port Talbot Council, Pembrokeshire County Council, and the Port of Milford Haven, with the aim of stimulating economic growth in the region.
A council spokesperson revealed that more detailed information about the Celtic Freeport, including its “tax sites,” will be shared at an official launch event in the coming week. Freeports are designated areas within the UK that operate under different economic regulations, offering tax incentives and streamlined processes to businesses located within them. Other freeports in the UK, such as the Thames, Teesside, and Liverpool City Freeports, have already demonstrated success in attracting investment and creating employment opportunities.
The opening of Celtic Freeport holds particular significance for the Port Talbot community, which experienced job losses earlier this year due to the closure of blast furnaces at the local steelworks site. Frances O’Brien, the new chief executive of Neath Port Talbot Council, expressed enthusiasm about the potential of the floating offshore wind industry to generate thousands of jobs and drive economic growth in the area. Council leader Steve Hunt added that the Celtic Freeport represents a new chapter for Neath Port Talbot, offering a chance to revitalize the region.
During the council meeting, updates were also shared regarding the Tata Steel UK Transition Board, where initiatives like the £13 million Business Start-Up, Growth, and Resilience Fund were discussed. This fund aims to support former Tata Steel employees and contractors in starting new businesses. The developments at Celtic Freeport and other economic initiatives reflect a concerted effort to leverage the region’s strengths and create sustainable employment opportunities for residents.
The council’s emphasis on collaboration with both Welsh and UK government officials underscores the importance of partnerships in driving economic development. By leveraging the unique advantages of freeport status, Celtic Freeport is poised to attract investment, promote innovation, and create a thriving business ecosystem in Neath Port Talbot. As the project gains momentum, stakeholders are optimistic about the positive impact it could have on the local economy and the broader community.
In conclusion, the opening of Celtic Freeport represents a significant milestone in Neath Port Talbot’s economic strategy, offering a ray of hope for job creation and sustainable growth. The collaborative efforts of key stakeholders, combined with targeted initiatives like the Business Start-Up Fund, signal a commitment to building a resilient and diversified economy. As the region looks towards a brighter future, the launch of Celtic Freeport sets the stage for a new era of prosperity and opportunity in Neath Port Talbot and beyond.