The Chancellor of the Exchequer confirmed that the Forth Green Freeport has received final UK Government approval of their Full Business Case following approval from Scottish Government in October.
Approval of the FBC represents an important step toward unlocking US$33 million of seed capital funding to support the reindustrialization of the FGF area to attract investors and deliver major economic benefits for Scotland.
Following today’s FBC approval, the Forth Green Freeport Chair, Dame Susan Rice DBE, the three local authorities, and both governments will sign a Memorandum of Understanding to allow release of the multimillion-pound seed capital funding.
The projects identified for development to attract inward investment will then commence. Focusing on the key target sectors of offshore wind, hydrogen, sustainable fuels, modular manufacturing, and logistics, FGF will support the reindustrialization of Central Scotland and large-scale economic regeneration over the next decade.
Commenting on the FBC approval, Sarah Murray, CEO of FGF, stated that the next step to fully activate the Forth Green Freeport is signing a Memorandum of Understanding to allow release of the US$33 million funding to kick start the initial projects.
Chaired by Dame Susan Rice DBE and led by CEO Sarah Murray, FGF became operational on 12 June 2024 and is set to attract new businesses and new jobs aided by a suite of tax and customs incentives to deliver real benefits for Scotland and the UK.
A detailed economic impact assessment has projected that it will generate US$10.4 billion of private and public investment over the next decade and boost GVA by US$10.7 billion.
This investment is projected to create up to 34,500 well-paid skilled jobs, with around 16,000 of these being direct employment in the FGF’s target sectors and tax sites.
To deliver the ambitious vision of FGF, a strong team of experts have been appointed who will focus on attracting investment across the FGF while ensuring a high level of governance and adherence to the FGF’s Fair Work and Net Zero charters.
