An agreement to establish a green freeport in the Highlands, termed the Inverness and Cromarty Firth Green Freeport (ICFGF), is set to be signed, concluding a five-year planning process. This initiative aims to create over 11,000 jobs in the region over the next 25 years and seeks to position itself as a significant hub for the offshore renewable energy sector, featuring zones that offer tax incentives and reduced tariffs to attract businesses.
The memorandum of understanding will formalize cooperation among the port authority, the UK government, the Scottish government, and the Highland Council. In addition, the signing will activate £25 million in seed funding from the UK government to support local infrastructure projects, particularly in renewable energy.
The ICGF is a collaborative venture involving both private and public sector entities, including Highland Council, the University of the Highlands and Islands, SSE Renewables, and Global Energy Group. It encompasses multiple sites, such as Port of Cromarty Firth in Invergordon, Port of Nigg, Highland Deephaven, and Inverness Campus.
Over the designated period, ICGF plans to create thousands of high-quality jobs, particularly in the offshore wind sector, and anticipates attracting more than £6.5 billion in investment. Scottish Secretary Douglas Alexander described the establishment of ICGF as a potentially transformative moment for the Highlands, while Scotland’s Deputy First Minister emphasized the emphasis on worker rights in the planning of freeports.
Green freeports are designated zones where standard tax and customs regulations do not fully apply and are intended to motivate economic activity by providing financial incentives. The boundaries for such ports are established collaboratively by the Scottish and UK governments. The creation of ICGF follows the success of five bids submitted to set up two economic zones in Scotland, with ICGF and Forth Green Freeport being selected in September 2023.
Source: https://www.bbc.com/news/articles/cvgrjlz2xg2o?at_medium=RSS&at_campaign=rss