The latest statistics from Scottish Development International (SDI) show that more than 8,500 jobs were created through inward investment in the 2022-2023 financial year.
This is the highest number of roles delivered by foreign direct investment (FDI) since 2018-19.
These figures were revealed by Shona Robison, Deputy First Minister of Scotland, on a visit to the company Gilmour & Dean (Eurostampa UK) as it unveiled plans for a new state-of-the-art facility in Cumbernauld.
“The figures combine inward investment projects we’ve supported, as well as work from Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise, and Skills Development Scotland,” said Scottish Development International.
Eurostampa is an Italian family-owned packaging company with more than 50 years of experience in high-quality label printing for food, drinks and cosmetics.
The firm’s multi-million-pound investment will see its factory space almost double compared with its previous facility in Glasgow. The move to a larger and more modern facility in Cumbernauld will allow the business to meet market demand and reduce its carbon emissions.
Eurostampa UK chairman Steven Thompson said: “Eurostampa is making the single biggest investment in the company’s history here in Scotland. This underlines our commitment as a strategic supplier to the Scotch whisky industry.
“As a family business, investment is core to our strategy. We are delighted with the grant from Scottish Enterprise but also with the support that they have given throughout the project.
“As well as providing us with the capacity to meet our increasing customer demand, our new facility in North Lanarkshire will help us increase efficiency through an optimised manufacturing process that will put us well on track to achieving our sustainability targets.”
North America was the leading source of inward investor projects into Scotland by global region.
Examples of other FDI projects supported in 2022-23 include:
- US firm Mangata Networks Inc, a satellite-enabled cloud services company, chose Prestwick as the location for its research and development activities, as well as satellite manufacturing, space systems and core network operations, creating up to 575 new jobs.
- Japanese energy company Marubeni Europower Limited opened its first Scotland office in Glasgow, following a Memorandum of Understanding (MoU) the firm signed with Scottish Enterprise at COP26 in 2021.
- Italian firm Guala Closures unveiled plans for a state-of-the-art £36 million superfactory in Gartcosh, securing the Scottish future of a company crucial to the whisky industry. The huge investment included a £3.3 million grant from Scottish Enterprise, safeguarding the jobs of more than 400 employees.
Scottish Enterprise CEO Adrian Gillespie said: “These are fantastic results and show Scotland remains an incredibly attractive location for global firms to not only locate in, but to also put down roots and develop a sizeable presence here.
“To secure more than 8,500 living wage jobs in the past year – our highest total in the past four years – is a tremendous achievement and reflects the key strengths Scotland has to offer on the international stage.
“Inward investment projects not only deliver high-quality, well-paid jobs, they can also act as a catalyst to accelerate innovation in fast-growing industries.
“For example, the US company Mangata’s investment in Prestwick will not only create almost 600 jobs but will be transformative for Scotland’s whole space sector, delivering new supply chain and international opportunities.
“As an influential, agile, focused, international innovation and investment agency, Scottish Enterprise will continue to work with all partners to deliver economic transformation by promoting the very best Scotland has to offer to international companies and investors.”
Last month, Japanese firm Sumitomo Electrical Industries (SEI) announced plans to develop a power cable facility in the Scottish Highlands.
Gillespie added: “We’ve focused on key sectors in Scotland enjoying global growth, such as offshore wind.
“Our SDI team in Japan developed a relationship with SEI over a significant period of time, highlighting Scotland’s strengths and the transformational opportunities that our people and natural resources have to offer.”