Falkirk Council is to take the lead in developing the Forth Green Freeport despite being the smallest local authority involved in the project, which aims to generate 50,000 jobs.
Members of Falkirk Council's executive heard that involvement would allow them to help shape the project and make sure local communities see some of the benefits.
Forth Green Freeport will take in 550 hectares spanning Grangemouth, Leith, Rosyth, Burntisland and Edinburgh Airport and promises to be a partnership between government and industry that will create high-paying jobs locally.
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The initiative is led by private companies including Forth Ports, Babcock and Ineos, but it will have input from Falkirk, Fife and City of Edinburgh councils.
While Falkirk is the smallest of the three, the council area includes Grangemouth, which is the largest of the tax sites that are involved.
Falkirk will become the Accountable Body for the local authorities, members of Falkirk Council's executive agreed on Tuesday.
Paul Kettrick, head of Invest Falkirk, stressed to councillors that the development of the Green Freeport is at a very early stage and Falkirk Council will be fully involved in creating an outline business case.
He said it was a "unique opportunity" to influence the development of the Green Freeport for the benefit of local communities.
As the Accountable Body, all of the costs of staff will be funded by the Green Freeport.
Members heard that initial estimates are that the freeport could unlock in the region of £300 million in capital infrastructure projects which will include investment in transport and town centres.
Cecil Meiklejohn said the fact that Falkirk had been chosen to take the lead reflected the very strong public/private partnerships that were already in the area.
"We need to be mindful that this is a private sector-led project but we are very much a part of that going forward," she said.
"The breadth and the type of jobs that are going to be developed through this give some real opportunities for local people. It's a tremendous opportunity to have the greenport within our area but also to be able to shape what the Greenport would be like for Scotland as well."
Green freeports allow goods to be imported, manufactured and re-exported without being subject to import taxes.
They have been criticised by trade unions in particular who have called for assurances that workers rights will be protected.
Those behind the Forth Green Freeport say they are committed to meeting net zero targets and supporting fair work practices.
The Labour group leader, Councillor Anne Hannah, said that while she was looking forward to the benefits of the Green Freeport, she was concerned that the lack of regulation could make human trafficking and drug smuggling easier.
Mr Kettrick said that there was a misconception around the use of freeports.
"The regulation in terms of imports coming in does not mean that cargo is not being checked and there are still robust UK border controls.
"Yes, there will be an increase in volume in cargo coming in - that does not mean it's not checked. The deregulation part is in relation to the tax elements, in relation to the paperwork and the bureaucracy.
"It does not mean that criminal activity is not high priority."
