The two winning Freeport bids in Wales are expected to create 20,000 jobs across a wide range of businesses, according to Knight Frank.
The Celtic Freeport in Milford Haven and Port Talbot and Anglesey Freeport on Ynys Mon were the successful bidders announced last month. The new sites are set to attract an estimated £5bn of investment.
Property consultancy Knight Frank expects the new, high-skilled jobs created to be across a range of businesses, not just those with import and export operations.
According to the Knight Frank research, the freeports also offer strong opportunities for Wales, with the benefits relevant to a number of business sectors, including manufacturing and energy production.
Claire Williams, head of UK and European industrial research at Knight Frank, said: “Freeport status could help boost the prospects for the local area. For instance, part of the Celtic Freeport project involves accelerating plans for a large floating offshore windfarm in the Celtic sea with turbines being launched from and manufactured in Port Talbot.”
Knight Frank said the freeport could also present an appealing location for firms seeking to reshore manufacturing operations with the tax benefits leading to reduced operating costs. This could help reduce or eliminate any cost advantage from offshore production.
Neil Francis, head of the logistics & industrial team at Knight Frank in Cardiff, said: “Opportunities for manufacturing growth and reshoring for Wales lie in advanced, high-value manufacturing.
“This is because of the post-Brexit rules of origin, the UK’s strong intellectual property rights and some of the strengths of the Welsh market, which include the availability of highly-skilled labour and low occupancy costs relative to other parts of the UK.”
