FDI employment up 9 per cent as Scotland continues to shine

New figures have revealed that 2017 was a strong year for inward investment projects and job creation in Scotland, with 126 foreign direct investment (FDI) projects generating 8516 jobs for Scotland, up almost 9 per cent on the previous year.

Data from the Scottish Development International (SDI) published today shows:

The financial and business services sector made a significant contribution to both total and HVA jobs.

Key highlights include the attraction of SThree’s new Centre of Excellence to Glasgow, creating 314 jobs, and Australian Fintech company Computershare’s Technology Centre to Edinburgh with the creation of 300 roles.

In high value manufacturing and health, Bioclavis, a new spin-out from Californian molecular profiling company Biospyder, is setting up in Glasgow, creating 43 new HVA jobs.

The move is part of a £10m investment supported by SE with a £3.4m Seek & Solve research and development grant. The new business will work in close collaboration with the NHS and university researchers.

In tourism, there has been a focus on hotel investment opportunities, working these through from initial contacts at Hotel Investment Conferences and other events, to building relationships with top prospects and following through on specific projects, working with partners such as Virgin Hotels

Within the technology and advanced engineering sector, Spiritus Developments Ltd, a US Data-Blockchain company, contributed 20+ new HVA jobs, strengthening Scotland’s position as a world-leading location for data-related developments.

The strong year-on-year increase in FDI jobs backs up the recent EY Scotland Attractiveness surveyby illustrating Scotland’s ongoing attractiveness to foreign investors, during what has continued to be a challenging climate for inward investment.

Neil Francis, operations director of SDI, said: “Just recently, the EY Attractiveness survey highlighted a record year for Scotland in attracting inward investment during 2017, and now our own results back this up, showing a 9% increase in new jobs from inward investors over the 2017/18 financial year.

“Clearly, this is great news for the Scottish economy; not only do investors bring jobs and new business opportunities but they help to develop our supply chains and drive Scotland’s position in the global business arena by reinforcing our reputation as a fantastic place to invest and do international business.

“And the full impact of inward investment extends beyond this; increasingly we are seeing foreign investors making a real difference not just to our economy, but to people and places across Scotland, by investing in and creating opportunities for our young people and by putting in place more inclusive working practices to generate wider benefits.

“These results recognise the collective effort of partners across Scotland and internationally who work so hard to ensure the people of Scotland share the benefits of foreign investment in Scotland. We will continue to target our resources on the sectors, companies and areas of opportunity where we see most likelihood of success, and where we expect to see real economic and social impact for Scotland.”

Minister for trade, investment and innovation, Mr Ivan McKee added: “For yet another year Scotland is proving to be a highly attractive place for foreign investors.

“Investors are attracted to Scotland for many reasons. Access to a skilled and educated workforce, a supportive business environment and competitive tax rates and property and salary costs all play a crucial role - as does the bespoke support provided through our public sector bodies. It adds up to an attractive package that not only secures new investment in Scotland, but helps to retain and grow our existing investors.”