You're viewing an updated version of this site - your feedback will help us to improve it.


Written Statement: Extension to timescales for Welsh Freeports and Investment Zones

Milford Haven Docks

Vaughan Gething MS, Minister for Economy

The Welsh Government is continuing to work with the UK Government and partners across Wales to make sure our planned freeports and investment zones are supported to harness Wales’ abundant economic potential.

We have agreed with the UK Government that both investment zones in South-East and North-East Wales will be extended from five years to 10. Each will be provided with a £160 million funding envelope from 2024 to 2034, which can be used flexibly between spending and tax incentives, subject to ongoing co-design of the proposals and agreement of delivery plans with the Welsh Government and the UK Government. As part of a package of tax incentives, investment zones in Wales will be able to retain 50% of additional non-domestic rates generated within designated areas for reinvestment in the investment zone.

Alongside the agreement to extend investment zones from five years to 10, we have also agreed to extend the window to claim freeport tax reliefs for both the Anglesey and Celtic freeports from five to 10 years until 2034. The extension is subject to a review in 2028, this will provide assurance that sufficient progress is being made by each freeport. Extending the tax relief window for freeports will provide long-term support to businesses looking to invest, delivering growth and jobs, alongside helping to regenerate our communities.

For further information please select the following link: Written Statement: Extension to timescales for Welsh Freeports and Investment Zones (6 March 2024) | GOV.WALES

Supporting Your Export Journey

The Welsh Government provides a range of support, guidance and advice that can assist you wherever you are on your journey: Supporting your export journey | Business Wales - Export (

Business Wales Helpline

03000 6 03000

Lines are open 10am to 4pm Monday to Friday.

Rydym yn croesawu galwadau’n Gymraeg.
We welcome calls in Welsh.