Scottish Secretary David Mundell joined International Trade Secretary Dr Liam Fox to launch a new drive yesterday to attract foreign investment into the UK at a meeting of the Board of Trade in Stirling.
Mr Mundell said: “Scotland is already an exporting success story, and we know that quality products like Scotch and salmon are in demand across the globe. But there are opportunities for even more Scottish businesses to their export goods and services.
“The UK Government is helping boost exports, attract inward investors and ensure the benefits of free trade are spread across the whole of the UK. I am pleased to welcome the Board of Trade to Scotland today.”
The Department for International Trade (DIT) is promoting 68 UK investment projects worth more than £30 billion to overseas investors. This includes more than £2 billion worth of projects in Scotland, including the Waterfront in Dundee, and Queen’s Square in Aberdeen.
Dr Fox and Mr Mundell announced the winners of the BOFTAs. Six Scottish companies are being recognised for their excellence in international trade, demonstrating innovation, creativity and entrepreneurialism.
The BOFTA winners are: world-leading bus and coach manufacturers Alexander Dennis in Falkirk; Speyside Distillery; Aberdeen oil and gas company EnerQuip; Glasgow-based plastics suppliers McGavigan; Bowalds Energy in Aberdeen; and Glasgow-based power generation company Aggreko.
Dr Fox also announced the extention of the highly successful High Potential Opportunities scheme, piloted in Doncaster’s rail industry, Telford’s agri-tech sector, and Greater Manchester’s innovative Graphene-based lightweight materials sector to new industries and parts of the UK.
Dr Liam Fox, International Trade Secretary and President of the Board of Trade said: “This is a bold and ambitious programme, building on the UK’s position as the leading destination for foreign investment in Europe through the government’s Industrial Strategy, helping to build a Britain fit for the future.
“The High Potential Opportunities scheme will deliver growth where it is most needed, ensuring that the benefits of global investment are felt in every part of the country.
“And with more than £30 billion worth of new opportunities, my international economic department’s overseas network is working hard to attract top investors to the UK.”
DIT works directly with companies in 177 cities in 108 countries around the world. Last year, DIT helped attract 2,265 investment projects which created or safeguarded 108,000 jobs in the UK.
Carolyn Fairbairn, CBI Director-General, said: “The UK has a strong standing when it comes to attracting investment to these shores. That investment leads to real, tangible benefits for people and communities – more jobs, prosperity and choice.
“The International Trade Department’s drive to attract billions of pounds worth of investment to projects in each corner of the country is warmly welcomed by firms.
“The new online catalogue of British projects for global investors to find and research will also be a vital tool to attracting even more capital to the UK, enabling the benefits of free trade and investment to flow into our communities.”
The 68 projects are worth more than £30 billion, with more to be added over the coming months. They will also be promoted through a revamped online one-stop-shop for potential investors – invest.great.gov.uk.
The extended High Potential Opportunities scheme is now taking applications from business organisations, Local Enterprise Partnerships and councils from across Scotland, England, Wales and Northern Ireland.
In the first phase, more than 20 new sectors and areas of the UK will benefit from a boost in investment – creating new jobs and securing the UK’s prosperity.
Through the Industrial Strategy, the UK Government is setting out a long-term plan to boost the productivity and earning power of people throughout the UK. It sets out how the UK Government is building a Britain fit for the future – helping businesses create better, higher-paying jobs in every part of the UK with investment in skills, industries and infrastructure.
Details of the projects being promoted by Department for International Trade in Scotland:
- Dundee Waterfront, Dundee, £500 million
- Buchanan Wharf, Glasgow, £350 million
- Magenta, Glasgow, £280 million
- AMIDS, Renfrewshire, £244 million
- Edinburgh International Business Gateway, Edinburgh, £185 million (above)
- Queen’s Square, Aberdeen, £150 million
- Bothwell Street, Glasgow, £140 million
- George Street Complex, Glasgow, £100 million
- Perth West, Perth, £100 million
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