SE publishes five point plan for economic growth

The agency’s business plan, published today, highlights how it will target investment to support the growth of the renewables sector; support more ambitious companies; stimulate greater innovation; raise Scotland’s international aspirations; and support the transition to a low carbon economy.

It also highlights the range of activity SE will deliver to support more globally competitive companies, sectors and the wider business environment which will help it address each of these five areas.

Lena Wilson, chief executive of Scottish Enterprise, says: “We know where Scotland has world-leading strengths and a real competitive advantage, which if exploited effectively will create a stronger, more resilient economy for now and future generations.

“Having looked closely at all of the evidence we have available, we’ve identified five areas which we believe will allow us to build on this advantage and ensure we can have the biggest impact possible from our investment.

“Helping companies from a whole range of sectors to raise their game and innovate more, attract new investment and explore opportunities overseas is vital if we are to have a thriving private sector that can create new jobs.”

“We also want to ensure companies across Scotland can exploit specific opportunities, such as those in the renewables sector and the transition to a low carbon economy. These are real game changing opportunities that we need to seize if we are to transform Scotland’s economy.”

Over the next year, Scottish Enterprise will invest £332 million in a range of projects and company support programmes. As a result of this investment, SE expects to:

• encourage £65-£75 million of new business investment in research and development from its R&D and Smart grants
• attract £40-£60 million of private sector equity investment in Scottish companies through the Scottish Investment Bank
• leverage £130-£150 million of private sector investment in the National Renewables Infrastructure Fund (NRIF)
• achieve at least 25,000 tonnes of C02 savings from its company support activity
• help the 2,000 companies it works most intensively with achieve additional turnover growth of £500-£700 million
• secure 1,600-2,400 new high value jobs to Scotland through inward investment
• support 110-170 companies to generate additional turnover of £1 million over the next three years from export activity

In meeting these targets, SE will also contribute to the Scottish Government’s Economic Recovery Plan and the wider Government Economic Strategy.

Crawford Gillies, chairman of Scottish Enterprise adds: “We’re confident that all of the projects outlined in our plan will make a real difference to the companies we work with and the wider economy.

“This includes activity such as our R&D and RSA grants, the Scottish Investment Bank and Smart Exporter– all of which are supporting companies address the very real issues they’re facing and helping them respond to new opportunities. Similarly, projects such as the National Renewable Infrastructure Fund, Edinburgh BioQuarter and the SECC National Arena are helping to promote Scotland’s capabilities at a global level, attract new investment and secure new jobs for Scotland.

“For these projects to be successful, however, we depend on the collaboration and co-operation of our partners across the public and private sector. In the current climate, we need more of this collaboration to ensure we all can have a transformational impact on Scotland’s economy.”