The approval of £107 million of Welsh Assembly Government and EU funding will enable the completion of the Peripheral Distributor Road (PDR) in the county.
The funding will provide a 4.8km link to the M4 at junction 38 into Port Talbot and the docks, serving as a vital link to West Wales, the UK motorway network, the trunk road network and mainland Europe.
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It will create up to 600 jobs during the 33 month construction phase.
Mr Jones, who is also the Minister for the Economy and Transport, said: "Despite challenging economic times we are determined to invest in capital projects that will bring long-term structural and economic benefits.
"This investment will improve journey times, reduce congestion, encourage further investment, access to jobs and regeneration in the South West Wales region.
"Our new policy, Economic Renewal: A New Direction, outlines the importance of building the right infrastructure to boost our economy and supporting people, communities and business to live, work and prosper."
The final phase will connect with previously completed phases and make available up to 210 hectares of mainly brownfield land for development of SMEs and other industry with access to European markets, creating employment opportunities and regeneration.
(CD/GK)
