Anglesey Freeport Moves to Delivery Phase as Full Business Case is Approved
The Freeport is a partnership between Stena Line and Isle of Anglesey County Council. The move follows the approval of the Freeport's Outline Business Case earlier in the year, which designated two major tax sites across the island. New businesses located within Anglesey Prosperity Zone and the Central Anglesey Tax Sites benefit from special tax reliefs and are designed to attract investment and boost economic growth across North Wales.
With both business cases approved, all required approvals are now in place, with the Freeport able to transition to its delivery phase. The approval of the Full Business Case will shortly unlock £25 million in government seed capital, enabling the establishment of the Freeport as a business entity. Approval of the North Anglesey Tax Site is expected later this year.
Anglesey Freeport will deliver upon the Welsh and UK Government's shared objectives around the broader Freeport Programme, including ensuring the Freeport operates as a hub for global trade, innovation and investment, supporting local talent and embracing new employment opportunities, particularly within low-carbon energy.
Additionally, outline planning permission will shortly be determined for a proposed new technology park at Prosperity Parc, the former Anglesey Aluminium site which sits within the Anglesey Prosperity Zone. At its peak, the proposals are forecast to generate up to £578 million of growth in the local economy each year, the equivalent of a third of Anglesey's current economy, and create around 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 £25 million 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.'
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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