Inverness and Cromarty Firth Green Freeport open for business
Today (08 April 2024) marks a significant milestone for Scotland’s economic future as the Inverness and Cromarty Firth Green Freeport, Europe’s largest heavy engineering cluster, officially opens for business. Companies locating within the Green Freeport’s tax sites will now enjoy a range of tax reliefs to support new investment until 2034.
The Green Freeport is projected to attract £3 billion investment and create 16,500 jobs in the UK, with 12,250 of those being in the Highlands. The Green Freeport’s overarching goal is to lead the charge towards a net-zero economy by 2045.
Initially announced in January 2023, the Inverness and Cromarty Firth Green Freeport has wasted no time in leveraging Freeport status to attract substantial investments, including SUMITOMO’s £350 million high-voltage cable factory that will serve the booming offshore wind sector. Examples like this show the attractiveness of the Freeports model to investors and its potential to rebalance regional economies by building new clusters in the sectors of the future.
Collaboration has been key in driving this initiative forward, with collective effort from local private and public partners and joint support from the UK and Scottish Governments.
Inverness and Cromarty Firth Green Freeport Chief Executive, Calum MacPherson said:
“This is a critical milestone in the journey towards the establishment of the Inverness and Cromarty Firth Green Freeport. Coupled with the confirmation in last month’s Budget that tax site status has been extended from 5 to 10 years, it is fantastic news for the Highlands and Islands, Scotland, and the wider UK.
“Together, our Tax Sites, totalling around 520 hectares, amount to the largest green engineering development site in the UK. The incentives available will attract world-wide interest and help realise the region’s potential to become the largest European hub for the development of the offshore wind industry and associated renewable energy technologies.
“Although the Green Freeport has only just gained tax site status, it has already been helping make our area the focus of attention for the international renewables industry. It was a key factor in Japanese company Sumitomo’s recently announced plans to develop a cable manufacturing facility at Nigg, in Easter Ross.”
Key sectors for the Freeport include offshore wind, green hydrogen, marine technologies, life sciences, and heavy marine engineering. Notable players domestically, like Associated British Ports have also already shown an interest in exploring opportunities within the Freeport’s boundaries.
Inverness and Cromarty Firth Green Freeport knows that the key to realising the region’s potential is empowering local people. The Green Freeport is committed to nurturing local talent and fostering innovation to support its mission, through initiatives like The PowerHouse, a dedicated training and innovation hub aimed at bolstering the local workforce and supply chain to take advantage of the opportunities Freeport status brings.
The launch of Inverness and Cromarty Firth Green Freeport is a key step towards a brighter economic future for the Highlands, positioning Scotland as a frontrunner in the green transition.
Find out more about the Inverness and Cromarty Firth Green Freeport by visiting the website.