Freeport Event Provides Insight into Economic Future of the Highlands
Published byAngus MacLeod
Our head of Inverness office and Partner, Angus MacLeod, reflects on our successful freeports event last week with his thoughts on how it went and analysis of what lies in store for the future of the Highland economy.
As the Inverness and Cromarty Firth Green Freeport gains momentum, Wright, Johnston & Mackenzie and Irwin Mitchell will continue to share insights from our events, ensuring our audience remains informed and engaged.
Through targeted communication and strategic partnerships, our legal firms are committed to facilitating the growth and success of businesses within the freeport framework, paving the way for a robust economic future in the Highlands.
We recently had the privilege of hosting our first-ever freeports event in the Highlands, alongside Irwin Mitchell at the Kingsmills Hotel in Inverness.
The event, held on September 25, attracted over 100 attendees from key sectors and community groups in the area, all eager to explore the exciting possibilities that the forthcoming Inverness and Cromarty Firth Green Freeport holds for businesses in the Highlands.
It was an important occasion that signalled a significant step towards enhancing our region’s economic landscape,and we are positive that all of those who attended left with a greater insight into just how big this opportunity really is.
Throughout the day, we heard from a variety of esteemed speakers who shared invaluable insights on topics crucial to our local economy and business landscape.
Among the notable speakers were Calum MacPherson, CEO of ICF Green Freeport; Amy Lambert, Deputy Head of Freeports for the UK Government; Giles Jones, Project Manager at Liverpool City Region Freeport; and Mike Engelbrecht, Vice President of Sumitomo Electric Cables.
Their diverse and experienced perspectives not only highlighted the multifaceted opportunities and challenges that lie ahead for the Highland business community, but also emphasised the importance of collaboration among stakeholders, proactive engagement, and strategic planning to fully leverage the potential of freeport initiatives.
Calum MacPherson kicked off the event with his presentation, titled 'Building the future of freeports' which outlined the immense investment and opportunity of the Freeport in the Highlands, the scale of how this can transform the local economy, as well as the benefits for investors amidst the rapid pace of development.
Amy Lambert, Deputy Head of Freeports at the Department for Business and Trade, followed up with a special presentation, discussing a nationwide perspective on freeports, how they first came to fruition, and the magnitude of opportunity available, as well as the clarity of vision to transition into future sectors that will provide our energy, such as offshore, wind and hydrogen.
Providing a perspective on how a freeport has already worked successfully for a different region, Giles Jones, Freeports Manager at Liverpool City Freeport, reflected on the first 18 months of their freeports journey, highlighting what he now sees as challenges and opportunities to manage. He also outlined the continuity for freeports under the new Labour government.
Meanwhile, Mike Engelbrecht, Vice President of Sumitomo Electric, the large-scale cable manufacturer, discussed its global network and how businesses view Freeport initiatives and their implications for local economies. His insights provided attendees with a broader understanding of how local actions can resonate on a global scale, which injected a real energy into Q&A at the end of the conference.
As the day unfolded, it became increasingly clear that this event reinforced a vital message: while there is much work to be done, we are not alone in this journey. The collaborative spirit among businesses and investors will be essential in realising the full potential of our freeport status.
The event was important to give the business community an idea of scale. Calum MacPherson compared the development to building 10 St James' Quarter shopping centres every month in the Highlands, with questions raised by attendees helping us delve into the broader implications for local businesses, particularly regarding infrastructure, housing, and whether small businesses need to ready themselves (which they do!).
Looking ahead, I believe that the relationships formed and the knowledge shared during this event will play a real and pivotal role in fostering economic development in our region. Our speakers provided food for thought and some helpful checklists on how businesses and investors can start to grasp the opportunity firsthand as it moves forward.
The information contained in this newsletter is for general guidance only and represents our understanding of relevant law and practice as at October 2024. Wright, Johnston & Mackenzie LLP cannot be held responsible for any action taken or not taken in reliance upon the contents. Specific advice should be taken on any individual matter. Transmissions to or from our email system and calls to or from our offices may be monitored and/or recorded for regulatory purposes. Authorised and regulated by the Financial Conduct Authority. Registered office: 319 St Vincent Street, Glasgow, G2 5RZ. A limited liability partnership registered in Scotland, number SO 300336.
