Scotland has achieved an “unprecedented” record of attracting foreign direct investment (FDI) — with 6,000 jobs created in 2017 alone — according to Ernst & Young’s latest Attractiveness Survey.
The survey said this is the third consecutive year that investment in Scotland has set new record levels.
The latest report’s findings include:
- Scotland set a new record for Foreign Direct Investment (FDI) projects in 2017 for the third consecutive year, with an increase of 7% compared to 2016, taking the total up to 116.
- Scotland secured its position as the most attractive location in the UK for R&D projects for a second consecutive year with an increase of 70% compared with 2016.
- The Digital sector experienced a 56% increase in FDI projects and was the second largest sector to attract investment into Scotland behind Business Services.
- Manufacturing activity experienced a 25% increase of FDI in 2017, compared to 2016.
- 6,000 jobs have been created as a result of inward investment in 2017.
Economy Secretary Keith Brown said: “This report shows Scotland has achieved another excellent performance in inward investment in 2017, with an increase in both numbers of projects and jobs reported.
“The EY results confirm Scotland’s position as the top UK destination after London for inward investment, with the increase in projects coming to Scotland greater than that across the UK.
“It also reflects the underlying attractiveness of Scotland for R&D and digital investment, where we are outperforming the UK, both in terms of the number of projects and in the growth in projects.
“There is also a significant increase in the number of jobs being created as a result of this investment, with over 6,000 jobs in 2017, a record year for Scotland.
“It is also encouraging that the digital sector experienced a 56% increase in FDI projects and was the second largest sector to attract investment into Scotland behind business services and manufacturing activity, which experienced a 25% increase of FDI in 2017, compared to 2016.
“While these strong investment and employment figures reflect the continuing attractiveness of Scotland, the full report shows the damage Brexit is already doing to the UK’s reputation as a location for investment, with Paris replacing London as the top city location.
“Our continuation in the single market and customs union post Brexit is crucial for business and investment.
“We are doing all we can to mitigate the impact of Brexit on our business community – it means the ability to trade in a market which is around eight times bigger than the UK market alone.”