Anglesey Freeport Receives £25 Million Seed Funding Boost
The Anglesey Freeport has officially secured £25 million in seed capital funding from both the UK and Welsh governments, marking a significant milestone for economic development in North Wales. This substantial investment is designed to kickstart seven critical infrastructure projects that will prepare the freeport's tax sites for private sector investment and drive long-term growth.
Governance Agreement and Job Creation Forecast
The funding follows the signing of a memorandum of understanding between the Welsh and UK governments, the Isle of Anglesey County Council, and Stena Line UK, which formalises how the freeport will be governed and delivered. With leveraged finance, the freeport is forecasting the creation of 5,000 new jobs by 2030, providing a major boost to the local economy.
Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, emphasised the importance of this investment, stating: "This £25m investment demonstrates our government's commitment to securing Anglesey's economic future and ensuring the benefits of major UK and Welsh Labour Government decisions are felt here on the island."
Key Projects Funded by the Seed Capital
The £25 million seed capital will be allocated to seven specific projects aimed at improving infrastructure, attracting inward investment, and creating employment opportunities. These projects include:
- Expansion of Bangor University's Science Park (M-SParc): Development of a new second building at Menai Science Park to expand capacity and strengthen North Wales' low-carbon innovation sector with new offices, labs, workshops, and training space.
- Site assembly and remediation of the former Eastman Peboc chemical works: Cleaning up the heavily contaminated site that closed in 2008 to make it investor-ready for small business units.
- North Anglesey Highways Improvements: Enhancements to the A5025, including critical safety measures, to improve HGV access to tax sites at Rhosgoch and the former Octel site in Amlwch.
- Parc Cybi/Cae Glas archaeological clearance: Clearing archaeological obstacles to development while protecting artifacts, making the site ready for future use.
- Parc Cybi Road Access: Delivering road access to the south-east part of Parc Cybi at Cae Glas.
- Power Provision and Decarbonisation: Providing power from the Prosperity Parc grid connection to Parc Cybi and supporting the electrification of port vehicles, ferries, and cruise ships.
Strategic Alignment with Regional Developments
This announcement builds on recent major commitments for the region, including the approval of a new Wylfa nuclear reactor and the designation of a North Wales AI Growth Zone. The freeport's sector priorities in nuclear energy and digital technology directly complement these developments, positioning Anglesey as a key player in future industries.
Secretary of State for Wales, Jo Stevens, highlighted the transformative potential: "This is a significant moment for the delivery of Anglesey's Freeport which will be vital for kickstarting economic growth and is projected to create 5,000 jobs by 2030."
Partnership and Local Impact
Gary Pritchard, Leader of the Isle of Anglesey County Council, expressed enthusiasm for the partnership: "Anglesey Council is pleased to sign the Freeport Memorandum of Understanding because it represents a major milestone in delivering new economic opportunities for the island."
Ian Hampton, Executive Chair of Stena Line UK, added: "We welcome the approval of Anglesey Freeport's memorandum of understanding with the Welsh and UK governments. This announcement marks the start of Anglesey Freeport's operational stage."
The Anglesey Freeport, which became operational in January last year, is a designated zone where businesses benefit from tax reliefs and other incentives designed to attract investment and create high-quality jobs. This £25 million seed funding represents a crucial step in realising its full economic potential for Anglesey and North Wales.
