The CEO of Scottish Financial Enterprise (SFE) has urged new First Minister John Swinney to “put economic growth front and centre of his government’s agenda.”

SFE CEO Sandy Begbie said Scotland has a huge amount of economic potential “but a number of structural challenges are holding us back.”

Begbie said policymaking over the past few years “has often compounded these challenges rather than effectively tackling them.”

Begbie said Scotland’s huge financial and related professional services industry must be at the heart of the new agenda.

The financial services sector is the biggest sectoral contributor to Scotland’s economy, representing £13.6 billion or 9.2% of GVA

Scotland’s financial and related professional services sector employs 160,000 people – around 9% of national employment.

Begbie said: “We would like to extend our congratulations to John Swinney on being elected as First Minister of Scotland.

“Scottish Financial Enterprise has enjoyed a good relationship with Mr Swinney over many years and we look forward to engaging with him on our shared ambition for a stronger, fairer, greener Scotland.

“We would urge the First Minister to put economic growth front and centre of his government’s agenda.

“Scotland has a huge amount of economic potential but a number of structural challenges are holding us back. Policymaking over the past few years has often compounded these challenges rather than effectively tackling them.

“Now is the time to chart a new approach to policymaking which reinvigorates business engagement, provides much needed confidence to our business community and sets out a path for long-term sustainable growth.

“Financial and related professional services must be at the heart of this agenda.

“Our sector growth strategy outlines our potential to add between £4bn – £7bn GVA to the Scottish economy over the next five years and we look forward to working with the First Minister to ensure this ambition is delivered for the benefit of everyone in Scotland.”