Forth Green Freeport has unlocked £25m of UK Government seed capital to support reindustrialisation across Edinburgh, Fife and Falkirk and attract over £7bn of investment over the next decade.
The agreement was marked at the Port of Leith as ministers and local authority representatives signed a memorandum of understanding releasing the funding, which will be match-funded by project leads to bring initial investment to more than £50m.
FGF said the seed capital will help prepare key sites to attract investors in sectors including offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics.
The freeport became operational on 12 June 2024 and is expected to draw new businesses and jobs into Burntisland, Grangemouth, Leith and Rosyth over 25 years.
A detailed economic impact assessment projected £7.9bn of investment, an £8.1bn boost to GVA and up to 34500 jobs, of which about 16000 could be direct employment.
“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,” said Dame Susan Rice, chair of FGF.
“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,” she added.
“This is a pivotal moment in the UK Government’s mission to boost economic growth right across Scotland,” stated UK Government minister Kirsty McNeill.
“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,” said deputy first minister Kate Forbes.
“Forth Green Freeport will bring well-paid jobs, regeneration and make significant steps towards achieving Scotland’s net zero ambitions,” she added.
“This is what real partnership looks like,” commented minister for devolution, faith and communities Miatta Fahnbulleh.
The event took place at the Port of Leith, which has been transformed by Forth Ports into a renewables hub and is hosting marshalling works for the 72-turbine Inch Cape offshore wind project.
Picture: On the quayside at the Port of Leith: L-R Sarah Murray, CEO of Forth Green Freeport; Kate Forbes, Deputy First Minister; Dame Susan Rice DBE, Chair of the Forth Green Freeport; Kirsty McNeill, Parliamentary Under Secretary of State for Scotland