The Welsh and UK Governments are today (1 September 2022) inviting applications for Wales’ first freeport, which should be up and running by summer 2023.
In May 2022, the Welsh government reached an agreement with the UK Government to establish a Freeport Programme in Wales.
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’ to establish freeports in Wales.
In addition, 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.
A Welsh freeport will be a special zone with the benefits of simplified customs procedures, relief on customs duties, tax benefits, and development flexibility.
The Welsh and UK Governments have worked together to design a freeport model which will deliver on three main objectives which must be met by applicants:
- Promote regeneration and high-quality job creation.
- Establish the Freeport as a national hub for global trade and investment across the economy.
- Foster an innovative environment.
As part of a fair and open competitive process to determine where the policy should be implemented in Wales, the Welsh Government and UK Government are today jointly publishing Freeport Programme in Wales: bidding prospectus, which sets out the policy objectives both governments seek to achieve through the establishment of the freeport programme, and the parameters for how bids will be assessed.
The bidding process opens today (Thursday 1 September 2022). Applicants will have 12 weeks to complete and submit their bids. Bids must be submitted by 6pm on Thursday 24 November 2022.
The successful bid will be announced in early spring 2023, with the freeport being established by summer 2023.
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