The Welsh Government has secured Enhanced Capital Allowances for three specific sites within its new Port Talbot Waterfront Enterprise Zone after lobbying the UK Government to grant the key economic stimulus in order to boost investment and employment opportunities for the area.
The announcement was made today by Economy and Infrastructure Cabinet Secretary Ken Skates ahead of an official opening of the newly refurbished Port Talbot Parkway railway station.
Mr Skates said the £13million investment in the station, together with new Enhanced Capital Allowances (ECAs) for the Enterprise Zone, represented a significant dual economic boost for the town.
The Cabinet Secretary said:
“Enhanced Capital Allowances (ECAs) are a powerful tool to strengthen the economic base of the area, stimulate investment and create new employment opportunities. They provide a strong incentive for investment and will boost confidence in the area at a time of uncertainty regarding the future of the Tata plant.
“I am pleased by the swift and positive response from the UK Government, which will assist our drive to support supply-chain companies and the general business base of the Port Talbot area. We will be working with our partners to maximise this opportunity and attract new investment and business growth.
These incentives, together with our wider support for growth and jobs, including a Business Rates Scheme for SMEs within the Zone, provides Port Talbot Waterfront Enterprise Zone with a compelling proposition for indigenous businesses and companies looking to invest here.
Infrastructure development is also key to attracting future investments in the area. This £13million project, which has attracted a large funding contribution from the European Regional Development Fund, means Port Talbot Parkway is now fit for purpose; having had extensive improvements made to platform access, parking and customer facilities.”