Foreign investment in Scotland soars
9 Jun 2014 03:52 PM
Inward investment hits 16 year
high.
Foreign investment
to Scotland in 2013 reached its highest level since 1997, creating over 4,000
jobs, a new report revealed today.
Scotland attracted
82 foreign direct investment (FDI) projects in 2013, eight per cent more than
in 2012, creating a total of 4,165 jobs.
Scotland continues
to be the top location for foreign investment projects outside of London for
the second year in a row.
FDI projects in
the software sector increased by 300 per cent in 2013 over the year, accounting
for 22 per cent of total projects and eclipsing business services and machinery
and equipment to reach first place.
The US remains
Scotland’s top source of inward investment accounting for 39.5 per cent
of projects.
The Ernst &
Young Attractiveness Survey, which analyses UK inward investment in the past 12
months, also highlights the opportunity to boost investment in 2014 –
with Scotland’s increased profile, the Commonwealth Games, and the Ryder
Cup creating what they call a “halo effect”.
Welcoming the
report, Finance Secretary John Swinney said:
“This
independent survey shows a further impressive performance by Scotland, with an
increase in the number of projects secured in 2013, to reach the highest number
since 1997.
“And
Scotland continues to be the most attractive location for investment in the UK
outside of London. In fact, outside of London, Scotland has ranked 1st or 2nd
in the UK since 2006.
“As the EY
report states ‘this adds up to an encouraging year for Scottish FDI, one
in which Scotland’s strengths in knowledge intensive sectors, notably
software, came to the fore.’
“Scotland
now has a greater share of projects in Research and Development (R&D) than
the UK as a whole, a position EY say shows Scotland can ‘punch above its
weight in science and technology.’
"Scotland's success at securing inward
investment flies in the face of the Chancellor of the Exchequer’s doom
and gloom comments when he said that the independence referendum would damage
business. And as EY set out, 2014 presents a great opportunity for Scotland to
shine with our increased profile, the Commonwealth Games and Ryder Cup putting
the spotlight on Scotland.
"The reality,
of course, is that as a result of the powers we have and our support for
enterprise, Scotland is securing jobs, investment and economic growth, and the
latest labour market figures show that we are out-performing the rest of the
UK.
“With the
full fiscal and economic powers of independence we could do even more to
support companies, strengthen our economy and create jobs.”
Notes To
Editors
The 2014 EY
Attractiveness Survey is available at: http://www.ey.com/UK/en/Issues/Business-environment/2014-Scotland-attract
iveness-survey