Browne Jacobson advises Celtic Freeport as it opens for business
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A major Welsh freeport launches, expected to create 11,500 jobs and attract £8.4 billion investment
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Celtic Freeport, the largest freeport in Wales, has officially opened for business, marking a pivotal milestone in South-West Wales’ economic and environmental transformation. Browne Jacobson, a leading UK and Ireland law firm, played a crucial role in guiding the freeport from its initial bid submission through to the establishment of its governing body and approval of the full business case.
Spanning 500 hectares in Neath Port Talbot and Pembrokeshire, Celtic Freeport aims to deliver over £8 billion in economic value over the next 25 years, supported by £8.4 billion in public and private sector investment. The initiative is projected to generate more than 11,500 jobs, predominantly within the green economy, including sustainable fuels, hydrogen production, and offshore wind energy.
Following the passage of secondary legislation last week, the freeport now offers businesses significant incentives. These include up to 100% relief on business rates for the first five years, reductions in employer’s national insurance contributions for new hires, and enhanced capital allowances to encourage long-term investments.
Peter Ware, Head of Government at Browne Jacobson, highlighted the freeport’s transformative potential: “Celtic Freeport is a cornerstone of the UK and Welsh governments’ economic growth and net zero strategies. It provides an unprecedented opportunity to attract international investment and strengthen local supply chains, accelerating Wales’ net zero transition.”
The Celtic Freeport consortium includes key public and private stakeholders, such as Associated British Ports, Neath Port Talbot Council, Pembrokeshire County Council, and the Port of Milford Haven. Academic institutions and renewables developers are also integral to its vision of decarbonising existing industries and creating a green innovation ecosystem.
Ed Tomp, Chair of Celtic Freeport, underscored the importance of this new phase: “With these incentives in place, we can now focus on delivery. This is about creating a thriving ecosystem that supports decarbonisation and empowers green industries to flourish in Pembrokeshire and Neath Port Talbot.”
Celtic Freeport is now fully operational, and its consortium is inviting businesses, both local and international, to engage with the initiative and contribute to the region’s future as a hub for green innovation and economic growth.