Plans to build a £80 million international convention centre in Newport have been backed by the Welsh Government.
The government has agreed to form a joint venture (JV) partnership with Wesley Clover, the parent company of Celtic Manor Resort, to build the proposed facility at the resort.
The development will have a total floor space of over 20,000 sq m and will accommodate up to 5,000 delegates.
Excavation work to allow construction to take place will get underway in September.
The new centre was designed by architect Scott Brownrigg and is expected to be ready for use in 2019.
Economic Minister Edwina Hart said the new centre will provide a "considerable economic boost" for Wales.
"The 2014 NATO Wales Summit and the 2010 Ryder Cup demonstrated that Wales and the Celtic Manor Resort have the ability to host events on a global scale," she said.
"We need a world-class convention centre in order to capitalise on Wales' growing reputation in this area, to host international events and conferences on a regular basis."
Sir Terry Matthews, Chairman of Wesley Clover, said: "I am delighted that we have reached this agreement in principle with the Welsh Government. I am confident the new convention centre, and the joint venture company, will be a financial success."
Newport City Council Leader, Bob Bright, added: "We have been working with the Celtic Manor, since the original facility was completed, to progress this great opportunity to host an international convention centre here in Newport. We are delighted with this latest announcement of a new joint venture company to bring the plans to reality, and look forward to the many benefits this facility will bring to the City of Newport."
(LM)
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