Scotland on target to beat inward investment performance

16 Dec 1999

Locate in Scotland has attracted almost 9,000 planned new jobs through inward investment since April this year – and is already on target to beat its performance of last year. Scottish Secretary John Reid today highlighted this record of success as proof positive that partnership and devolution are delivering for the Scottish economy.

Speaking in a Commons debate on inward and outward investment in Scotland, Mr Reid said:

"In 1998-99, Locate in Scotland and its partners helped to attract to Scotland a total of 9,041 planned new jobs. So far this year, 1999-2000, inward investors have already announced plans to create a total of 8,849 new jobs in Scotland. So Locate in Scotland is already well on the way to beating its performance last year.

"From May 1997 to date, inward investment in Scotland has amounted to more than £2 billion and an estimated 30,000 jobs.Although Scotland accounts for less than 9 per cent of the UK population, we have consistently over the past few years secured:

  • between 12 per cent and 20 per cent of all inward investment projects attracted to the UK;
  • and between 17 per cent and 25 per cent of the new jobs associated with such projects.

Mr Reid also highlighted Scotland’s successful export record:

"Scotland has always been an exporting economy. And today we still punch far above our weight. The latest official export figures for manufacturing industry show that Scotland exported goods to the value of more than £18 billion in 1998 representing more than 12% of all UK exports. This represents a tremendous achievement by Scottish exporters during a period of global economic uncertainty.

"Essential to this record of success in promoting inward investment in Scotland and exports from Scotland is partnership. Partnership between:

  • The Government- whose policies for fiscal and economic matters, for international relations, and for the provision of key elements of economic infrastructure are crucial for providing the right climate for business investment and success;
  • The ScottishExecutivewith its responsibilities for promoting economic development and trade and for providing assistance to business and industry; and;
  • The agenciesinvolved in encouraging inward investment and export trade.

"These latest figures show that the partnerships within Scotland and Scotland's partnership within the UK have made us even stronger than before - and is proof that the devolution settlement is really working."