New statistics showing Scotland’s foreign direct investment (FDI) attractiveness is at record levels are a testament to what the country has to offer, First Minister John Swinney has said.
EY’s UK Attractiveness Survey 2026 has found that Scotland remains the UK’s top destination for foreign direct investment outside London for the eleventh consecutive year.
Investors cited Scotland’s highly skilled workforce, strong infrastructure and overall business environment as core strengths.
One in three businesses planning to invest in the UK are now considering Scotland – up from 27% in 2024 to a record high.
The EY report said Scotland secured 108 inward investment projects in 2025. While this was down 20% year-on-year, Scotland still maintained its long-standing leadership outside London and captured 14.8% of all UK FDI projects in 2025 – down from 15.8% the previous year but comfortably above its 10-year average share of 11.6%.
Across Europe, projects fell by 7%, with the UK as a whole falling by 14%. However, figures excluding London — the only part of England to see project numbers increasing, by 5% — show UK project numbers fell 23%.
Scotland also secured 51 new projects in 2025, and 57 operation expansions. Over the last decade, Scotland is estimated to have secured 52,144 jobs from FDI, representing 12.2% of the UK total and ranking second in the UK over that period for total FDI employment. Scotland secured six projects in 2025 that announced a projected 100+ jobs.
“This shows Scotland has maintained its strong, long-standing competitive position despite foreign direct investment project numbers declining across the UK due to a challenging global environment,” said the Scottish Government.
Swinney said: “These findings are a testament to what Scotland has to offer – and the world is taking notice.
“Confidence in our investment proposition is at its strongest ever level, demonstrating Scotland’s resilience in what is an incredibly challenging global environment.
“Driving economic growth is not just a priority for the Scottish Government – it is central to our commitments to ease the cost of living, reduce child poverty and deliver better public services for the people of Scotland.
“My government will seize every opportunity to ensure that Scotland continues to have a strong and vibrant economy in the years to come, creating well-paid jobs in every part of Scotland, from our cities to our island and rural communities.
“We will continue to do everything we can do to make Scotland the most attractive place in the UK to invest, create jobs and build a more sustainable future.”
EY Scotland Country Managing Partner Sue Dawe said: “Scotland’s performance highlights the strength and resilience of its investment proposition. While global investment flow has slowed, Scotland remains the clear destination of choice outside London.
“The powerful sentiment results, particularly within financial services, is a strong endorsement of how positively investors view Scotland – and a signal for policymakers to capitalise on these enduring strengths by translating perceptions into higher investment flows.
“While global macroeconomic pressures, geopolitical uncertainty and energy costs continue to weigh on investment decisions, the survey decisively concludes that Scotland’s fundamentals remain strong: a deep talent base, competitive cities, internationally recognised sector strengths and a proven ability to secure high-value investment.
“When investors are asked what could be done to improve competitiveness, they point to the same actions the Scottish business community has been calling on for years.
“There is a single unified voice across the spectrum. Rising to this challenge will demand sustained commitment backed by action. But with the new parliamentary term beginning, there’s arguably no better time to muster the political will to bolster Scotland’s attractiveness than now.”
Scottish Enterprise CEO Adrian Gillespie said: “We’re now seeing a shift towards higher‑value projects in areas like energy transition, digital technology and advanced manufacturing, unlocking global trade and investment opportunities.
“Crucially, investors tell us the way we work with them really sets Scotland apart. It’s often the key differentiator in winning big projects despite strong international competition.”
Scottish Financial Enterprise CEO Sandy Begbie said: “This report underlines Scotland’s leading position outside London as a destination for foreign investment. As well as contributing £17.7bn GVA to the Scottish and UK economies – 10.5% of the Scottish economy – Scotland continues to punch above its weight on the global stage.
“These figures back up what we heard at Scotland’s Global Investment Summit last October, that there is huge positivity towards Scotland as a location. For investor sentiment to match that of London, the opportunities that exist for Scotland are clear.
“In turning this positive sentiment into continued investment, it is vital that industry, government and regulators work closely together to promote these opportunities and also remove barriers to firms looking to invest.”