In coming to its recommendations, the Investor Panel examined the characteristics and practices of areas that investors find attractive, particularly Western Australia and the Republic of Ireland, as well as Portugal, Canada, Singapore and Norway.

In his response to the recommendations, First Minister Humza Yousaf said that while progress is already underway on some of the recommendations made by the Investor Panel, its insights would help to inform the strategic direction of the government in driving investment to Scotland.

The Panel’s recommendations include:

• fully considering the views of and implications for investors when developing and delivering policy and legislation
• establishing a pipeline of planned, costed and shaped Infrastructure priorities
• developing a streamlined and focused approach to building and managing relationships with investors across the Scottish Government, its agencies and the wider public sector

The First Minister said: “Opportunity is a defining mission for my government, and the Scottish Government’s focus is on delivering a just transition to net zero while seizing on the massive economic opportunities that represents. I am grateful to Angus Macpherson and the Panel for their work in setting out these recommendations.

“Delivering the physical infrastructure necessary for a just transition to net zero will require public and private capital investment on an unprecedented scale over many years, at a time when public finances are extremely stretched. Attracting more investment to Scotland has the potential to generate significant economic growth and create new jobs and industries right across the country.

“While our small size could be seen as challenging by some, I welcome the Panel’s assessment that we can use it to our advantage by acting nimbly and decisively – to differentiate ourselves from other markets. To make the most of this, it is clear that we must work with industry to understand investor priorities and consider these in policy development.

“Discussions with the Panel over recent months have already begun to inform decisions we have taken – including our commitment to funding to leverage private investment in ports, and manufacturing and assembly work critical for offshore renewables. There is still more to be done if Scotland is to emulate destinations that investors find most attractive, and we will examine how best to implement the Panel’s recommendations, including through the forthcoming Green Industrial Strategy.”

Investor Panel co-chair Angus Macpherson said: “The scale of the challenge Scotland and other nations face in achieving a transition to net zero emissions is huge and it is clear that the public and private sector must work together if we are to deliver climate change ambitions. The Panel is clear that Scotland has the opportunity to develop a competitive advantage by taking a new and different approach from that currently taken by the government and its agencies.

“The Panel’s aim has been to look at measures that will increase the pool of capital available for investment in Scotland, decrease its cost and expedite the critical investment necessary to make the just transition to net zero happen. The recommendations of the Panel when implemented could help make Scotland a globally competitive destination.”