Angus MacLeod: How the Green Freeport can reshape the Highlands

Angus MacLeod Marking Highland Business Week, Angus MacLeod discusses the transformative potential of the Inverness and Cromarty Firth Green Freeport, highlighting the opportunities and challenges it presents for the region. The Highlands are on the brink of a transformation unlike anything seen in decades.

The launch of the Inverness and Cromarty Firth Green Freeport (ICFGF) represents a rare and extraordinary opportunity for local businesses and residents alike - one that could help redefine the future of businesses and communities throughout the region. On Wednesday, our firm joins Irwin Mitchell to host a pivotal event to discuss the transformative potential of the Green Freeport and what it means for businesses in the Highlands. The significance of this opportunity cannot be overstated.

Major investors, such as Sumitomo Electric, wouldn't commit hundreds of millions without expecting a substantial long-term return, but local businesses and residents should also think in this way. We need to seize the chance to grow alongside this project, rather than waiting for the benefits to trickle down.

Tax incentives, such as relief on Land and Buildings Transaction Tax (LBTT) for designated tax sites, and non-domestic rates relief, are already in place and will run for a full decade until 2034. That said, this is about so much more than 10 years of tax breaks; it's about shaping the long-term future of our region, together.

ICFGF is expected to bring in GBP3 billion in investment and create around 12,000 jobs, although this brings important challenges that must be addressed. A project of this scale raises inevitable questions. For instance, where will the 12,000 skilled workers come from?

And more critically, how will we accommodate the influx of talent? We can look to the past for guidance. Kishorn's deepwater facility, established in the 1970s, experienced an initial burst of success long enough for families to establish a strong community foundation - one that continues to benefit the area today.

What we're looking at now is on an even larger scale. We need to ensure that the money and investment coming into the Highlands lay the groundwork for long-term, sustainable prosperity. This is our chance to reverse the brain drain we've experienced over the years, keeping both businesses and talent in the region.

The upcoming Freeport event features an esteemed lineup of speakers, including Calum MacPherson, CEO of Inverness and Cromarty Firth Green Freeport; Amy Lambert, Deputy Head of Freeports at the Department of Business and Trade; Giles Jones, Freeport Manager at Liverpool City Freeport; and Michael Engelbrecht, Vice President of Sumitomo Electric U.K. Power Cables Ltd. These key figures - leaders of the project, experienced professionals from other Freeports, and government representatives - are joined by a spokesperson from a company that has already committed a GBP350 million investment in a new factory.

They all share the same core belief: this is not a zero-sum game. The success of the Freeport will be our success. The message is clear: be proactive, not passive.

It's up to us to ensure that we are building industries worth sustaining and communities capable of supporting the influx of people, jobs, and opportunities. That's why our corporate law, commercial property, and employment law experts are at the ready to help local businesses position themselves for success. This is a time for collaboration.

While substantial investment is coming from outside the Highlands, it will require local involvement at every level. The work we do now will shape the Highlands for generations.

Angus MacLeod[1] is partner and head of Inverness office at Wright, Johnston & Mackenzie

References

1. ^ Angus MacLeod (www.wjm.co.uk)