Inward investment continues to deliver for Scotland

New figures revealed today have shown that thousands of jobs have been created and secured over the past year as a direct result of inward investment.

Scottish Development International (SDI) statistics showed that more than 8,500 planned real living wage jobs were generated through inward investment in FY22/23, the highest number of planned jobs secured since FY18/19.

The figures, which combine inward investment projects supported by SDI, Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise and Skills Development Scotland, were announced by Scottish Government Finance Secretary Shona Robison on a visit to the company Eurostampa (previously known as Gilmour & Dean) as the firm unveiled its new state-of-the-art facility in Cumbernauld.

An ambitious family-owned Italian packaging company, Eurostampa’s multi-million-pound investment will see the firm almost double its previous factory space in Glasgow, creating 90 new FTE roles and safeguarding 12 jobs in the process.  The project has been supported by a £2.5m grant from Scottish Enterprise.

Ms Robison said: "Attracting businesses to invest in Scotland has a critical role to play in shaping and growing our economy and positioning us to thrive in the global marketplace

“These latest figures show that Scotland is a dynamic, open nation with an outward facing economy - as demonstrated by Eurostampa’s welcome decision to expand its operations in Scotland. 

“This success is the result of our strategic “Team Scotland” approach, with the Scottish Government, our economic agencies and our international network working together to drive forwards a greener, fairer, wellbeing economy.”

Eurostampa was founded in Italy in 1966 and produces high-quality labels for the wine, spirits, champagne, food and chocolate industries.  In 2011, Eurostampa acquired Gilmour & Dean, originally founded in Glasgow in 1846.

By moving to a larger more bespoke state-of-the-art facility, Eurostampa will be able to increase capacity to meet market demand, as well as significantly reducing its carbon emissions.

Steven Thompson, Chairman of Eurostampa UK, said: “Eurostampa is making the single biggest investment in the company’s history here in Scotland and this underlines our commitment as a strategic supplier to the Scotch whisky industry.

“As a family business, investment is core to our strategy and we are delighted with the grant from Scottish Enterprise but also with the support that they have given throughout the project.

“As well as providing us with the capacity to meet our increasing customer demand our new facility in North Lanarkshire will provide us with the opportunity increase efficiency through an optimised manufacturing process that will put us well on track to achieving our sustainability targets.”

Key findings from the results for FY22/23 announced today were:

• A total of 8,533 jobs were created or safeguarded through inward investment, an increase of 9% compared to the previous year
• Of these jobs, more than 99% (8,519) are jobs that pay above the real living wage (an annual salary of at least £19,305 based on a 37.5 hr week)
• Inward investment projects located in 20 different local authorities in Scotland
• Energy Transition was the most common type of inward investment project supported, demonstrating Scotland’s strengths in this sector
• North America was the leading origin of inward investment projects supported

Adrian Gillespie, CEO of Scottish Enterprise, said: “These are fantastic results and show Scotland remains an incredibly attractive location for global firms to not only locate in, but to also put down roots and develop a sizeable presence here.

“To secure more than 8,500 real living wage jobs in the past year – our highest total since FY2018/19 – is a tremendous achievement and reflects the key strengths Scotland has to offer on the international stage. 

“Inward investment projects not only deliver high-quality, well-paid jobs, they can also act as a catalyst to accelerate innovation in fast-growing industries.  For example, the US satellite communications company Mangata’s investment in Prestwick will not only create almost 600 jobs but will be transformative for Scotland’s whole space sector, delivering new supply chain and international opportunities.  

“As an agile, focused, international innovation and investment agency, Scottish Enterprise and SDI will continue to work with all partners to deliver economic transformation by promoting the very best Scotland has to offer to international companies and investors.” 

And the good news keeps coming in terms of global firms choosing Scotland to pursue their net zero ambitions.  Last month, Japanese firm Sumitomo Electrical Industries (SEI) announced plans to develop a power cable facility in the Scottish Highlands to support the growth of the offshore wind sector. 

Adrian added: “We have focused on key sectors in Scotland enjoying global growth, such as offshore wind. 

“Our SDI team in Japan developed a relationship with SEI over a significant period of time, highlighting Scotland’s strengths and the transformational opportunities that our people and natural resources have to offer.”

Vicky Grant, Head of International Trade and Investment at Highland and Islands Enterprise, said: “It’s great to see the Highlands and Islands continue to make a huge contribution to Scotland’s overall success and attractiveness for foreign direct investment.  In addition to the outstanding quality of life available here, our region offers expertise across sectors such as energy, food and drink and health tech, as well as excellent infrastructure and connectivity.

“As Scotland’s development agency for the region, we work closely with companies looking to invest here.  We help them identify the ideal location, find premises, help with recruitment and training, and can often also help financially.  Beyond that, we continue working with them to make sure they have access to the full range of support they need to prosper.”

In the South of Scotland, Smart Green Shipping announced a new headquarters in Dumfries, following a £1.8m grant from Scottish Enterprise towards a research and development project alongside support from South of Scotland Enterprise.

Smart Green Shipping is developing new concepts for shipping through renewable engineering of FastRig wing sails as well as weather routing software and circular economy business models over the course of a three-year project.

Professor Russel Griggs, Chair of South of Scotland Enterprise, said: “These are hugely positive results which again highlight that Scotland is the ideal location for overseas businesses to set up and thrive in.

“In the South, we are committed to working with our Team Scotland partners to build on these results. This includes the recently published South of Scotland regional proposition and South of Scotland Enterprise’s new Five-Year Plan which aims to improve the lives of local people.

“Alongside our partners, we are committed to contributing to the wellbeing of our local economies and communities, and ultimately attracting even more ambitious investment.”

Marion Beattie, Head of Skills Growth and Inward Investment at Skills Development Scotland (SDS), added: “Investors tell us that skills are one of the most important factors when making decisions over where to locate, and so SDS is committed to working as a part of Team Scotland to ensuring businesses can benefit from a dynamic, resilient, inclusive and intelligence-led skills system to support investment and create sustainable skills solutions when they land.

“By working with our partners, we can provide inward investors with a package of support that meets their skills needs and ensures Scotland continues to punch above its weight in a competitive global marketplace.”

The results are supported by a soon to be published independent evaluation report, led by Aston University, which finds that delivery partners’ and Scottish Government support, together with the skills of Scotland’s workforce, are key factors in influencing investors’ decisions to locate in Scotland.  The evaluation will report the detailed impact of support on jobs and wider benefits to the Scottish economy, such as supply chain development and knowledge transfer.