Delivering economic transformation?

Economy Secretary Kate Forbes will publish the new National Strategy for Economic Transformation today, hailing it as a ‘step-change’ in how government and business can work together to make the economy more prosperous, more productive and more internationally competitive.

Ms Forbes said the strategy, underpinned by detailed economic analysis and rooted in a clear plan of delivery, will offer renewed clarity on Scotland’s economic vision and will aim to deliver economic growth that is significantly greater than that seen in the previous decade.  

The strategy sets out how government, public bodies and economic agencies, the education system, trade unions, the third sector and critically, industry and businesses can use the current economic powers of the Scottish Government to deliver economic transformation that will benefit the length and breadth of the country.

The strategy is expected to include details of a new investor panel, to be chaired by First Minister Nicola Sturgeon. It will build on Scotland’s legacy of COP26 by securing capital investment in Scotland’s transition to net zero.

Speaking ahead of the strategy’s launch, Economy Secretary Kate Forbes said: “The National Strategy for Economic Transformation offers renewed clarity of our vision for Scotland, with a ruthless focus on delivery.

“We’ve consulted with business, academia, trade unions and more to develop this strategy and it will be a collective national endeavour over the next decade to shift the dial on our economy into becoming fairer, wealthier, and greener.

“We’re still feeling the impacts of Brexit and we know that international investment will be key to mitigating these effects and growing our economy.

“Only a few months ago investors came to Glasgow and signalled that significant amounts of investment are available for the transition required by our transport, energy, and economic sectors.

“This strategy marks a step change in how we approach the economy and it will help us to deliver the best economic performance possible for Scotland within the current constitutional constraints. We want Scotland to be a more resilient and more entrepreneurial economy – in which everybody can share in our success. 

“As we look beyond the pandemic we must be ready to seize the economic opportunities that come with achieving net-zero and becoming a fairer country.”