Port Talbot and Milford Haven, earmarked by the developer of the 1GW Gwynt Glas floating wind farm to support the project, has been awarded freeport status.
The UK and Welsh governments also jointly awarded another Welsh port, Anglesey, with freeport status.
The freeports will help to create jobs, drive growth and level up opportunities across Wales, the UK and Welsh governments stated.
The new sites are estimated to bring forward almost £5bn in private and public investment and create over 20,000 new, high-skilled jobs, backed by up to £26m each in UK Government funding.
This will help to boost the economy and address gaps that are currently holding back investment.
Recently the developer of the 1GW Gwynt Glas floating wind farm signed an agreement with Associated British Ports, which operates Port Talbot and Milford Haven in South Wales.
Gwynt Glas is a joint venture partnership between EDF Renewables UK and DP Energy.
Freeports are special areas within the UK’s borders where different economic regulations apply.
Alongside a comprehensive package of benefits, the sites will enjoy tax and customs incentives to boost investment, creating thousands of high-quality jobs in some of our most disadvantaged communities.
Prime Minister Rishi Sunak said: “Wales is a thriving part of the UK, and today’s new Freeports will see businesses and opportunities for people in and around Anglesey, Port Talbot and Milford Haven go from strength to strength.
“Today’s Freeports show the hard work being done day in, day out to bring new, high-skilled jobs to communities across Wales and deliver on my promise to grow the economy.”
First Minister of Wales, Mark Drakeford said: “I am pleased to confirm the Celtic Freeport in Milford Haven and Port Talbot and Anglesey Freeport have been selected as Wales’ new freeports.
“The Welsh Government has a clear economic mission to transform the Welsh economy, creating a stronger, fairer and greener future.
“The designation of these sites as Wales’ first freeports will reinforce that mission, building on the significant investments and partnerships we have made in these regions over many years.”