The Enterprise Zone status will offer financial incentives to companies based there, including tax and business rate breaks, and was one of the key actions to come out of the Tata Steel Task Force to help support the steel industry.
The Minister said: “The recent announcement of job losses at Tata in Port Talbot is the latest blow to the steel industry in Wales.
“As such a major employer this will have a knock-on effect for the local economy and we are determined to do all that we can to support the area and the local supply chain.
“We will now work closely with the Swansea Bay City Region, the Local Authority, major employers and other stakeholders in the area to ensure Port Talbot Waterfront Enterprise Zone is a success.”
The Enterprise Zone will be based around the employment sites of:
Baglan Energy Park
Baglan Industrial Estate and
Habourside / Port Talbot Docks.
Port Talbot Waterfront Enterprise Zone is Wales’ eighth Enterprise Zone. As of end of September 2015, the other seven Zones had created, assisted or safeguarded over 7,795 jobs in Wales and paved the way for further investment and development.