New Freeport could attract ?7 billion in investment

The Forth Green Freeport (FGF) is officially “open for business” as of June 12, 2024, following the approval of its Outline Business Case by the Scottish and UK Governments. This approval designates three tax sites in Grangemouth, Rosyth, and Mid-Forth (Leith and Burntisland), unlocking investment incentives to realize the green freeport vision. This significant milestone for the public/private consortium, chaired by Dame Susan Rice DBE, aims to attract new businesses and jobs to the FGF area.

The initiative is supported by financial incentives designed to deliver significant economic and net-zero benefits for Scotland and local communities in Fife, Falkirk, Leith, and beyond. FGF will focus on key sectors such as offshore wind, hydrogen, sustainable fuels, modular manufacturing, and logistics. These efforts are expected to support the re-industrialization of Central Scotland and drive large-scale economic regeneration over the next decade.

Hugely exciting projections, from a Scottish economy viewpoint, suggest that FGF could attract as much as GBP7 billion in private and public investment over the next ten years, delivering a Gross Value Added (GVA) of GBP8.4 billion. Such an investment could generate up to 38,350 well-paid, highly skilled green jobs, with nearly 19,000 of these being direct gross jobs linked to FGF’s target sectors and tax sites. Dame Susan Rice DBE, Chair of Forth Green Freeport, said, “This is it, Forth Green Freeport is officially open for business.

It is an important time for the Green Freeport as we move through the business case development phase to delivery for Scotland.” She went on to say, “Through innovations in offshore wind manufacturing, assembly and commissioning, alongside innovative shipbuilding, modular assembly and hydrogen manufacture, the country’s net zero targets can be boosted by Forth Green Freeport.” The Freeport initiative in Scotland, jointly developed by the UK and Scottish governments, aims to boost regional economic growth by creating special zones with tax and customs incentives.

Two Green Freeports, Forth and Inverness & Cromarty Firth, were selected in January 2023.

These Freeports focus on promoting trade, investment, job creation, and decarbonization, with an emphasis on high-quality employment and a just transition to a net-zero economy.

They are expected to attract significant private and public investment, create thousands of jobs, and drive economic regeneration in their respective regions