ROSYTH'S Forth Green Freeport officially opened for business today (Wednesday) and it's hoped it will attract £7 billion on investment over the next decade.

There are tax breaks for local firms and the potential for up to 19,000 new jobs in the area.

Following approval from the Scottish and UK governments of the outline business case, it is one of three sites – along with Grangemouth and Mid-Forth (Leith and Burntisland) – to be included in the Forth Green Freeport (FGF) initiative.

This significant milestone for the public/private consortium, which is chaired by Dame Susan Rice DBE, will attract new businesses and new jobs into the area, aided by a suite of financial incentives to deliver major economic and net zero benefits.

Focusing on the key target sectors of offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics, it will support the re-industrialisation of Central Scotland and large-scale economic regeneration over the next decade.

READ MORE: MP calls for Rosyth Greenport to be named a City Port

Forecasts indicate that there is the potential to attract £7bn of private and public investment over the next decade, delivering Gross Value Added (GVA) of £8.4bn.

This could generate up to 38,350 well paid, highly skilled, green jobs, with almost 19,000 of these being direct gross jobs linked to the freeport’s target sectors and tax sites.

Dame Rice said: “This is it, Forth Green Freeport is officially open for business. It is an important time for the Green Freeport as we move through the business case development phase to delivery for Scotland.

Dame Susan Rice DBEDame Susan Rice DBE (Image: Forth Green Freeports)

“Through innovations in offshore wind manufacturing, assembly and commissioning, alongside innovative shipbuilding, modular assembly and hydrogen manufacture, the country’s net zero targets can be boosted by Forth Green Freeport.

“This is a long-term project and one which we know will deliver real benefits to the local communities through economic growth, skills re-training and training and access to high quality, green jobs.”

Investment incentives will only apply to businesses who commit to and deliver against a set of demanding investor principles that will guide all landowners and developers.

This will include abiding by the Fair Work Charter, which prioritises the rights, wages and working conditions of employees. The principles also require businesses to buy into the freeport’s net zero commitments.

Strong governance is a key thread with a governing board with public and private sector members already established and active.

It comprises representatives from all consortium partners and includes elected members from all three local authorities and advisers from both the Scottish and UK governments. An invitation has also been extended to the Scottish Trades Union Council (STUC) to have a worker representative on the board.

READ MORE: Forth Greenport could be key to funding for Rosyth Euro-ferry

Dame Rice added: “Strong governance is at the core of Forth Green Freeport as we focus sharply on ensuring that the freeport operates to the highest standards.

"Workers’ rights will be protected, money will be spent wisely and all of the investors we attract to benefit from the incentives that the green freeport offers will be as committed as we are to ensuring that the most significant beneficiaries from this long-term initiative are the people from the communities around the Forth Green Freeport.”