Agreement frees up £25 million for Forth Green Freeport
The Forth Green Freeport (FGF) has marked a joint agreement which unlocks £25 million of seed funding from the UK Government.
The major investment will support reindustrialisation of the Falkirk, Edinburgh and Fife areas and attract £7.9 billion of private and public investment over the next decade.
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 and will allow FGF to support the re-industrialisation and large-scale economic regeneration of Central Scotland over the next decade.
FGF became operational on June 12, 2024 and over the next 25 years is set to attract new businesses and new jobs into Grangemouth, Burntisland, 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 £7.9 billion of private and public investment and boost GVA (gross value added) by £8.1 billion.
The analysis projected 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, chairperson of FGF, said: “This is a momentous day for the entire Forth Green Freeport team as we mark the MoU agreement and release the £25 million 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 added: "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 £25 million 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.”