Full business case lodged as moves to accelerate transformational project for Scotland
Summary
Following this, Forth Green Freeports partners, the three local authorities and both Governments will sign a Memorandum of Understanding to allow the release of the seed capital. The projects which have been identified for development to attract inward investment, will then begin.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 into Burntisland, Grangemouth, Leith and Rosyth, aided by a suite of financial incentives to deliver real benefits for Scotland and the UK. Our detailed FBC will, following approval, help unlock the important seed capital required to accelerate the opportunity to attract inward investment into the Forth Green Freeport areas.This is a long-term project and through our thorough economic analysis, we know it will deliver significant benefits to both the local communities and the country as a whole. The seed funding will be wisely invested to ensure that we maximise business growth in areas of underdevelopment to breathe new life into them and open opportunity for everyone.Focusing on the key target sectors of offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics, FGF will support the re-industrialisation of Central Scotland and large-scale economic regeneration over the next decade. Throughout the FGF area, there are many areas of underdevelopment and outdated infrastructure which need addressed to attract the level of inward investment envisaged.The priority projects to be delivered using seed capital include: land preparation at the Port of Leith for the offshore renewables hub; the creation of the AGIC Skills & Innovation Centre in Rosyth.Led by an independent chair, strong governance is a key thread within the Board, whose public and private sector membership is already established and active.