Plans afoot to accelerate multi-million pound transformational project at Port of Grangemouth

The cash will be used to address the key underdeveloped sites within the FGF area and hopefully deliver major economic benefits for Scotland.

Now under review by both governments, the FBC submission, if given the green light, will allow Forth Green Freeport’s partners – the three local authorities and both governments – to 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.

FGF became operational on June 12 this year and is set to attract new businesses and new jobs into Grangemouth and other areas.

A detailed 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 well paid, highly skilled, green jobs, with around 16,000 of these being direct employment in the FGF’s target sectors and tax sites.

FGF CEO Sarah Murray said: “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.”

FGF chairperson 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.

“This 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.”

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.

Priority projects to be delivered using seed capital include additional utility capacity in Grangemouth and low carbon hydrogen preparation works at Ineos.

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. It comprises representatives from all consortium partners and includes elected members from the three local authorities – Falkirk, Edinburgh and Fife – advisers from both the Scottish and UK Governments as well as a worker representative.