Forth Green Freeport seed capital predicted to bring £7.9 billion investment and 16,000 jobs
Investment of £7.9 billion and the creation of 16,000 jobs have been predicted for the Forth Green Freeport as a result of £25 million of seed funding announced today by the UK Government.
The green freeport, established in 2024 through a partnership between the UK and Scottish Governments in a bid to boost economic growth, includes Leith, Grangemouth, Rosyth, Burntisland and Methil, and offers businesses tax breaks and other incentives for locating in these areas.
Scotland Office minister Kirsty McNeill and Deputy First Minister Kate Forbes were in Leith today to mark the announcement of the £25m seed funding, which will be matched-funded by landowners and local authorities, bringing an initial investment in the area to more than £50m.
The seed capital will help prepare the key sites within the green freeport area to attract investors and deliver major economic benefits for Scotland.
Projects have already been identified across the area to attract major inward investment in the key target sectors including offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics.
A detailed economic impact assessment has projected that the Forth Green Freeport will generate £7.9 billion of private and public investment, leading to up to 34,500 well-paid, skilled jobs, with around 16,000 of these being direct employment in the green freeport's target sectors and tax sites.
Backers say the Forth Green Freeport will promote the re-industrialisation and large-scale economic regeneration of central Scotland over the next decade.
Ms McNeill said: "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."
And Ms Forbes said: “This milestone is the culmination of years of partnership working to transform the region. . The Scottish Government is committed to driving investment and innovation to support fair, green economic growth which will put more money into people’s pockets and help the places they live to prosper."