THE Forth Green Freeport (FGF) has today marked a joint agreement which unlocks £25m from the UK Government to support £7.9bn of private and public investment over the next decade.
Deputy First Minister Kate Forbes was joined by Parliamentary Under Secretary of State for Scotland, Kirsty McNeill, as well as FGF chair Dame Susan Rice and CEO Sarah Murray to mark the signing of a memorandum of understanding (MoU) with the UK and Scottish Governments.
This MoU signing releases £25m of seed capital funding, which will be matched by project leads bringing an initial investment in the area to more than £50m.
Also present were representatives from the three local authorities – Cllr Altany Craik of Fife Council, Cllr Allan Nimmo of Falkirk Council and Cllr Jane Meagher of the City of Edinburgh Council.
The seed capital funding will help prepare the key sites within the FGF area to attract investors and deliver major economic benefits for Scotland.
It will mean delivery can begin on projects which have been identified to attract major inward investment in the key target sectors including offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics, FGF will support the re-industrialisation and large-scale economic regeneration of Central Scotland over the next decade.
FGF became operational on 12 June 2024 and over the next 25 years is set to attract new businesses and new jobs into Burntisland, Grangemouth, Leith and Rosyth, aided by a suite of tax and custom incentives to deliver real benefits for Scotland and the UK.
A detailed economic impact assessment has projected that FGF will generate £7.9bn of private and public investment and boost GVA (gross value added) by £8.1bn.
The analysis projected that up to 34,500 well paid, skilled jobs, could be created with around 16,000 of these being direct employment in the FGF’s target sectors and tax sites.
Dame Susan Rice DBE, chair of FGF said: “This is a momentous day for the entire Forth Green Freeport team as we mark the MoU agreement and release the £25m of seed capital from the UK Government to help attract significant inward investment.
“We are grateful to both Ministers, our Local Authority partners and FGF consortium members for being here today and we look forward to delivering this important project for Scotland.”
UK Government minister Kirsty McNeill said: “This is a pivotal moment in the UK Government’s mission to boost economic growth right across Scotland.
“The Forth Green Freeport will transform the economy of Central Scotland, as well as playing a key role in our clean energy future.
“Supported by £25m of UK Government investment, and a range of UK Government tax incentives, this important collaboration between governments and local partners will deliver tens of thousands of high-quality jobs and attract billions in investment.”
Deputy First Minister Kate Forbes said: “This milestone is the culmination of years of partnership working to transform the region, including the Grangemouth industrial cluster, by attracting billions of further public and private investment.
“Forth Green Freeport will bring well-paid jobs, regeneration and make significant steps towards achieving Scotland’s net zero ambitions.
“The Scottish Government is committed to driving investment and innovation to support fair, green economic growth which will put more money into people’s pockets and help the places they live to prosper.
“That’s why we are supporting offshore wind with £500m investment over five years to grow the supply chain and we have launched our new online portal InvestScotland which showcases large-scale investment opportunities, including in renewable energy.”
Minister for Devolution, Faith and Communities, Miatta Fahnbulleh, said: “This is what real partnership looks like.
“Working with the Scottish Government, we’re investing £25m to create thousands of skilled green jobs across Edinburgh, Falkirk and Fife – giving the Central Belt a real stake in the country’s clean energy future.”
The event took place at the Port of Leith which has been transformed through private investment by owners and FGF Consortium partner, Forth Ports, into a renewables hub which is currently hosting the Inch Cape Offshore Wind project marshalling the foundation component parts of the 72-turbine wind farm being constructed off the Angus coast.
To deliver the ambitious vision of FGF, a strong team is in place with a focus on attracting investment across the FGF while ensuring strong governance and adherence to the FGF’s Fair Work and Net Zero charters.
