Scotland's international profile has never been higher

The 2014 Commonwealth Games Business Conference was officially opened today (Tuesday, 22nd July 2014) by First Minister Alex Salmond.

Around 400 delegates from business and Commonwealth nations were told that Scotland’s outstanding international profile is a key part of our success in attracting inward investment and is expected to create thousands of jobs as the First Minister announced a total of more than 7,400 jobs created and safeguarded in Scotland through inward investment.

The First Minister also announced today that in 2013/14, businesses across a wide range of sectors accepted 117 offers of Regional Selective Assistance (RSA) with planned capital expenditure of over £267 million and are expected to generate and safeguard 6,161 jobs. This has increased on last year’s figure by nearly 1,400 jobs.

During the same period, 7,446 jobs have been created and safeguarded through inward investment of £423 million in key sectors from finance and business services, enabling technology and ICT, and tourism. This represents a strong year with an increase of 300 on last year, with 2,515 of the overall total being high value.

These figures come just days after the First Minister announced that turnover for assisted research and development companies has doubled in the last year to £200 million.

Speaking from Glasgow University’s Bute Hall, the First Minister told delegates:

“Scotland has never had a higher profile on the international stage. That’s great news for jobs and investment here in Scotland, as these figures demonstrate today. More than 7,400 jobs have been created and safeguarded in the last year thanks to inward investment, 6,161 jobs have been created or safeguarded as a result of RSA, and the value of research and development projects – a particular priority – has almost doubled to £200 million.

“We know that inward investment is already at a 16 year high, and international visits to Scotland increased by 13 per cent last year. We hope to build on that success.

“One of the key issues all nations face, is how to restore and maintain the sense of social cohesion, of solidarity, of fairness, which enables entrepreneurship to flourish. After all, it’s easier to mobilise a society behind economic growth, if that growth benefits all of society.

“That’s why when my Government came into office in 2007, we focussed government activity on one purpose, ‘to create opportunities for all of Scotland to flourish by raising the rate of sustainable economic growth’. It’s not about growth alone, it’s about sustainable growth for a purpose: the wellbeing and happiness of individuals and communities in every part of the country.

“The Commonwealth Games demonstrate our approach to growth. The very word “Commonwealth” used to mean public benefit or public good – you still hear the phrase “common weal” in Scotland. The Commonwealth Games won’t just be the biggest cultural and sporting celebration Scotland has ever seen - they’re a catalyst for improving wellbeing.

“From the 150 community sporting hubs around the country to the athletes’ village being transformed into affordable housing, the long-term transport investment for Glasgow to the regenerated parks and business parks, these Games will leave legacy. Thousands of people will be more active, more skilled, or more engaged with their communities, than they would have been if these games had never come to Scotland.

“We have made business opportunities accessible to local companies – 69% of all contracts have gone to businesses based in Scotland. And we have ensured that the Games create employment and training opportunities for thousands of young people.

“Adam Smith, Glasgow University’s Professor of Moral Philosophy argued for the concept of enlightened self-interest – a self-interest which recognises our responsibilities to, and feelings for, other people. It recognises that there are wider gains for a community as a whole and for the individual within that community, when society is strong and prosperous.

“My argument is that for all nations, enlightened self-interest is the guiding principle which enables us to combine fairness and prosperity at home; and to engage with the wider world as a good global citizen. It is therefore key to tackling the key national and international challenges that all countries face.

“It is that very juxtaposition of competitiveness and solidarity that embodies the Glasgow Commonwealth Games 2014 that I would encourage us all to celebrate.”

Lena Wilson, Chief Executive, Scottish Enterprise, said:

“This report shows companies of all sizes, right across Scotland, benefiting from regional selective assistance. As well as large-scale grants supporting major projects, far smaller offers are helping SMEs pursue their growth plans. That’s precisely what RSA is designed to do – support businesses, whatever their size, while they invest in growth. RSA remains one of the most effective business support tools we have at our disposal.”