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Forth Green Freeport submits Full Business Case

[ September 12, 2024   //   ]

Forth Green Freeport (FGF) has submitted its Full Business Case (FBC) to the Scottish and UK Governments, described as a major step in the process of unlocking around £25 million of seed funding capital for key underdeveloped sites.

The submission will now be reviewed by both Westminster sand Holyrood Governments. Following this, Forth Green Freeport’s partners, the three local authorities and both Governments will sign a Memorandum of Understanding to allow the release of the seed capital.

Chaired by Dame Susan Rice and led by chief executive, Sarah Murray, FGF became operational on 12 June 2024 at Burntisland, Grangemouth, Leith and Rosyth.

An economic impact assessment has projected that it will generate £7.9 billion of private and public investment over the next decade and boost GVA (gross value added) by £8.1 billion. This investment is projected to create up to 34,500 jobs, with around 16,000 of these being direct employment in the FGF’s target sectors and tax sites.

Sarah Murray commented:: “This is a key milestone. 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. I am proud to lead this project, working in collaboration with our committed partners, to deliver this major economic regeneration opportunity. Although our FBC submission is a great step forward, we still have plenty to do over the coming months including the appointment of a strong delivery team.”

Dame Susan Rice added: “Our FBC outlines in fine detail how we will deliver our shared vision. Through strong public and private partnership and robust governance, Forth Green Freeport operates with the highest level of integrity which will be further reflected in our robust Fair Work and Investment Principles and our  commitment to decarbonising the Forth area and to deliver for the local communities. 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.”

Priority projects to be delivered using seed capital include land preparation at the Port of Leith for the offshore renewables hub; an integrated energy system at Babcock’s Rosyth site; additional utility capacity in Grangemouth; low carbon hydrogen preparation works at INEOS in Grangemouth; and a Skills & Innovation Centre in Rosyth.

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