Scotland woos investors with new green initiatives

At a speech yesterday, Deputy First Minister Kate Forbes announced she will take on a cross-government leadership role as the Scottish Government’s “investment champion” to deliver a national pipeline of strategic investment opportunities and a seamless, co-ordinated approach to building relationships with investors and developers.

Practical steps being delivered include an Investment Unit to identify and tackle barriers to investment; the creation of a single portal for investment inquiries (investment.finance@gov.scot) and another detailing investment opportunities; and a new Cabinet sub-committee to co-ordinate activity.

The Scottish Government will also explore new financing models including how public sector guarantees could be used, a potential Scottish Bond, and public-private partnerships.

Addressing the Investment Association Conference in Edinburgh, Ms Forbes said: “We know that investment management is a strategically vital sector, employing 125,000 people and managing over £9 trillion.

“And we’re proud that Scotland more than punches above its weight. Edinburgh is the UK’s second largest centre for asset management, managing some £490 billion, and the Scottish industry employs over 13,000 people.

“And what I love to see is that footprint continues to grow. For example, I am pleased that Blackrock will soon be moving to larger premises in Edinburgh and significantly increasing headcount. I want that trend to continue.

“But my interest in the sector is not only as a provider of highly skilled and well-paid jobs – important though as that is. My interest is to secure more investment, including the investment that your organisations manage, into Scotland.”

She continued: “Increasing the level of private investment into Scotland’s economy is essential to our ambitions – for growth, for jobs, for reaching net zero, and for improving our public services. Without investment and the growth it can catalyse, we can achieve none of those goals.

“I will be working to tackle barriers and blockers; and to ensure that the system as a whole works cohesively, effectively, and quickly, to support investors and to deal with issues as and when they arise.

“Scotland has the talent, skills and resources in abundance to be a major player in the energy transition and secure a prosperous and sustainable future. We need to work better, smarter, and quicker to ensure that we can create an investor-friendly environment and seize the many opportunities which lie ahead.”