More positive progress has been made to deliver Anglesey Freeport after the council’s Executive approved plans to develop a full business case over the coming 12 months.
Members this week also agreed that the county council and Stena Line should also enter into an Initial Collaboration Agreement to formalize their working relationship – another important step forward in delivering Anglesey Freeport.
Completion of an approved full business case will unlock £26m of Government funding, which will be managed by the county council, as the project’s accountable body. It will also act as an enabler to provide businesses located within Anglesey Freeport with tax breaks and other benefits.
The successful Freeport bid - announced by Prime Minister Rishi Sunak MP and First Minister of Wales Mark Drakeford AS earlier this year - is seen as a significant economic driver for Anglesey and North Wales region.
The project is being jointly developed as a public/private partnership between Anglesey council and Stena Line – owners of Holyhead Port and the former Anglesey Aluminum site and a major local employer for 27 years.
Council leader and economic development portfolio holder, Councillor Llinos Medi, said, “Securing Freeport status has the potential to deliver real, transformational change in communities across Anglesey and the wider North Wales region.”
“My Executive’s support for developing a full business case will now help unlock the vital UK and Welsh Government funding needed to enable the project and provide the impetus needed to drive Anglesey Freeport forward.”
Councillor Medi added, “We are continuing to work closely with both governments and earlier this week joined Stena Line to update Wales’ economy minister, Vaughan Gething, about the project’s progress during his visit to Holyhead.”
Future investment would be focused around Holyhead Port, and other selected areas helping to redevelop unused areas to allow them to reach full potential and increasing economic activity in the area.
Anglesey chief executive, Dylan J. Williams, said, “Our partnership with Stena Line has already seen considerable work, time and effort invested in Anglesey Freeport. Together, we are making progress to create a solid foundation to deliver the project, significant investment and long-term economic benefits for the island.”
He added, “Entering into an initial collaboration agreement with Stena Line will allow us to strengthen our existing partnership. Broader engagement will key stakeholders will also take place over the coming months and the imminent publication of Freeport Wales guidance will support the ongoing process.”
Ends 20 July 2023
Notes for editors
The Anglesey Freeport is a public/private partnership between Anglesey council (as the host local authority and accountable body) and Holyhead Port operator, Stena Line.
It is supported by a range of other stakeholders, including landowners, Bangor University and M-Sparc, Grŵp Llandrillo Menai, Ambition North Wales, and a range of private sector businesses including potential investors.
The county council is, however, deemed to be the ‘accountable body’ by both governments for a range of governance and financial management matters and, hence, the associated risks in so doing.
The Freeport bid sought to build on the county council's existing Energy Island Programme (EIP) which is aimed at putting Anglesey at the forefront of low carbon energy research and development, production and servicing, and bringing with it potentially huge economic rewards.