First Minister Heralds Scottish Inward Investment Record as 'Outstanding'

Announcing Scottish Development International’s (SDI) annual results for 2008/09, Mr Salmond said the organisation’s work to attract and maintain inward investment in Scotland from across the world is “critical” in the current economic climate.

The publication of the SDI results precedes the update of the Scottish Government’s Economy Recovery Programme tomorrow (Monday).

The First Minister is expected to reference both the performance of SDI and the Government’s next steps under the Economic Recovery Programme during his address to the Forbes CEO Conference in Gleneagles tomorrow.

Results of the SDI performance report for the last financial year include:  

·        International companies committed more than £500 million to Scotland in capital expenditure and salaries

·        Nearly 2000 planned high value jobs were created or safeguarded for the period 2008/09

·        More than 4000 jobs in total have been created or safeguarded

·        More than 80 per cent of jobs secured last year were from existing investors, highlighting Scotland’s reputation as an excellent location for companies to consolidate their operations.

·        SDI has helped more than 800 Scottish companies to internationalise, 100 more than last year, highlighting the importance of exploring new markets during the downturn.

·        It is estimated that Scottish companies have generated more than £300 million in sales from exhibitions etc

Mr Salmond said:

“Scotland has a strong competitive edge as a place to do business. SDI’s job is to ensure that organisations and investors around the globe are fully aware of all we have to offer. These results, continued growth and investment in the midst of a global economic recession, prove that SDI is doing an outstanding job for Scotland.

“There is no doubt that economic times are tough. However, 75 per cent of our labour force is in employment despite the global recession. Unemployment is lower, employment is higher and activity rates are higher than the rest of the UK. Increasing sustainable economic growth is the overarching purpose of the Scottish Government and I know we can and will achieve this despite the current pressures.

“To reach those goals it is crucial we fully exploit Scotland’s fundamental strength - our outstanding skills base and workforce. By doing so we can capitalise on the competitive edge provided by our world leading knowledge and expertise in the sectors of the future such as life sciences and renewable energy.

“Almost 50 per cent of the 1807 high value added jobs attracted to Scotland were classified as research, design and development, concentrated particularly in the life sciences, manufacturing and aerospace sectors. 

“These results send a very clear message that we are succeeding in our goal to encourage and support innovation – a key element of our updated Economic Recovery Programme which plans to guide our economy through the recession and ensure Scotland recovers strongly.

“Last week, we announced that more than 800 jobs have been created or safeguarded in the first quarter of this year alone due to the Scottish Government’s Regional Selective Assistance grants. Our recovery programme is already supporting up to 15,000 jobs across Scotland. Going forward, our actions have the potential to support and create thousands more over the long term.

“The work of SDI is a crucial part of our work as Government to maintain and build trust and confidence in our business credentials on a global scale.” 

Lena Wilson, Chief Executive of Scottish Development International, said:

“Scottish Development International has a clear focus on winning the right kind of investment for Scotland – which is secured because of our skills base, science and research excellence and our well-developed business infrastructure. We are the only part of the UK to measure our success on the number of high value jobs and these are the jobs which are likely to have the greatest impact on Scotland’s economy. 

“This allows us to focus our efforts on where we can we can have the greatest impact, and create jobs that are truly embedded within Scotland’s industries and the wider Scottish economy.

“I am delighted that this focus has really started to pay off. The figures announced today are the third highest level of high value jobs since 2003.  An outstanding result during the current economic uncertainty.

“We are also continuing to make a real impact in helping Scottish companies’ access new international markets – again a real achievement during the economic downturn. These results reflect the hard work of everyone at SDI to help Scottish companies make the most of overseas opportunities, particularly during the ongoing economic downturn.”