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Wales launches Freeport bidding

[ September 1, 2022   //   Chris Lewis ]

The Welsh Government opened the bidding process for the country’s Freeport programme on 1 September. Applicants have until 24 November to complete and submit their bids. The successful bid will be announced in early spring 2023, with the freeport being established by summer 2023.

It follows the agreement between the Welsh and Westminster governments In May to establish a Freeport Programme similar to that in England.

Welsh Ministers agreed to support freeport policies in Wales following the UK Government’s agreement that it would meet the Welsh Government’s demands that both governments would act as a ‘partnership of equals’.

UK Ministers also agreed to provide up to £26 million of non-repayable starter funding for any freeport established in Wales, which represents a parity with the deals offered to each of the English and Scottish freeports.

Like its English counterparts, a Welsh freeport will offer simplified customs procedures, relief on customs duties, tax benefits, and development flexibility.

The main objectives to be met by applicants are to promote regeneration and high-quality job creation, establish the Freeport as a national hub for global trade and investment across the economy and foster an innovative environment.

Both governments remain open to the possibility of a multi-site freeport in Wales, and to the possibility of allowing more than one freeport in Wales, should they be presented with a sufficiently compelling business case.

Wales opens Freeport bidding

The Welsh Government opened the bidding process for the country’s Freeport programme on 1 September. Applicants have until 24 November to complete and submit their bids. The successful bid will be announced in early spring 2023, with the freeport being established by summer 2023.

It follows the agreement between the Welsh and Westminster governments In May to establish a Freeport Programme similar to that in England.

Welsh Ministers agreed to support freeport policies in Wales following the UK Government’s agreement that it would meet the Welsh Government’s demands that both governments would act as a ‘partnership of equals’.

UK Ministers also agreed to provide up to £26 million of non-repayable starter funding for any freeport established in Wales, which represents a parity with the deals offered to each of the English and Scottish freeports.

Like its English counterparts, a Welsh freeport will offer simplified customs procedures, relief on customs duties, tax benefits, and development flexibility.

The main objectives to be met by applicants are to promote regeneration and high-quality job creation, establish the Freeport as a national hub for global trade and investment across the economy and foster an innovative environment.

Both governments remain open to the possibility of a multi-site freeport in Wales, and to the possibility of allowing more than one freeport in Wales, should they be presented with a sufficiently compelling business case.

Tags: Welsh Government