Second Welsh Freeport goes live
The Welsh Government has announced today (22 January) that the new Ynys Mon Freeport – a special trading area – is now live.
There are now two freeports in Wales. The Celtic Freeport of Port Talbot and Milford Haven went live in November.
The Freeport was launched in a bid to boost business investment and economic activity, aiming to become a national hub for global trade and investment,
‘Special zones’
Freeports form special zones where goods can be imported and exported with tax and customs benefits, generating funding for key infrastructure and skills projects.
The Welsh freeports boost the distinct strengths of each area, exploiting opportunities from offshore wind and marine energy, as well as advanced manufacturing.
They aim to attract £6.5 billion in investment and create around 17,000 jobs in Wales.
26-million investment
The Ynys Mon Freeport consists of sites at Prosperity Park and Parc Cybi in Holyhead, M-Sparc near Gaerwen and two brownfield sites on Llangefni Industrial Estate.
First Minister Eluned Morgan said:“This is great news for Ynys Mon, which is especially welcome following the recent storm damage which hit Holyhead.
“One of the priorities I set out when I became First Minister was to create green jobs and growth. I’m proud that our Welsh freeports will not only attract investment and jobs, but unlike others, they are committed to promoting fair work and environmental sustainability.”
Welsh Secretary, Jo Stevens, said: “This is a fantastic day for Wales with both of our freeports now open for business and beginning the work of generating investment, opportunity and growth.
She added: “Our £26 million investment in the Anglesey freeport will help drive our vision for this part of Wales, bringing thousands of new jobs and boosting the industries of the future.”
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I still don’t understand the eagerness for Freeports when they were closed in the past, both in the EU and this country, for being a hive for corruption and employment abuse? It’s been seen that if business is less regulated – it will abuse the system. There is also the question as to whether these ports will actually benefit the local community or just boost profits for the businesses operating there, the bulk of which will undoubtedly just end up in shareholder accounts.