£25m for freeport zone major schemes confirmed

CASH FOR CAPITAL PROJECTS DESIGNED TO DRAW INVESTMENT AND JOBS TO ISLAND

- By OWEN HUGHES

A £25m funding boost for major projects to kick-start the Anglesey Freeport and drive economic growth has been confirmed.

The formal signing of a Freeport Memorandum of Understanding by the UK Government, Welsh Government and Anglesey Council last week unlocks the first tranche of £25m seed capital funding, from the UK and Welsh governments, for projects to improve infrastructure, attract inward investment and create employment opportunities.

The Freeport will progress towards full operational status this spring.

It will act as a significant economic catalyst for Anglesey and North Wales - driving investment, supporting skilled employment, and strengthening the island's position in low-carbon energy, advanced manufacturing and innovation. Preparatory work, including governance, tax site designations and engagement with landowners, is already well underway.

Anglesey Freeport is a designated zone where businesses benefit from tax reliefs and other incentives designed to attract investment and create high-quality jobs.

List of projects:

Bangor University's Science Park (M-SParc): The new second building being developed at Menai Science Park on Anglesey, designed to expand the site's capacity and strengthen North Wales' low-carbon innovation sector. It will provide new offices, labs, workshops, and training space to support SMEs and manufacturers working in sustainable technologies.

Peboc: Site assembly and remediation of the heavily-contaminated former Eastman Peboc chemical works that closed in 2008. The site has planning permission for small business units and the seed capital funding will make the site investor-ready.