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£2bn target for Scots projects

Fox and Mundell launch overseas investment drive

Liam Fox vid

Liam Fox: ‘working hard to attract top investors’


 

Scottish Secretary David Mundell will on Thursday join International Trade Secretary Liam Fox  in Stirling to launch a new drive to attract foreign investment into the UK.

The Department for International Trade (DIT) is seeking £2 billion from overseas investors for nine projects in Scotland, part of a total UK target of £30bn for 68 schemes.

The Scottish projects include Edinburgh International Business Gateway, the Dundee Waterfront, and Queen’s Square in Aberdeen.

Dr Fox will also extend the High Potential Opportunities scheme, piloted in Doncaster’s rail industry, Telford’s agri-tech sector, and Greater Manchester’s innovative Graphene-based lightweight materials sector to new industries and parts of the UK.

Ahead of the first Board of Trade meeting to be held in Scotland, he said: “This is a bold and ambitious programme, building on the UK’s position as the leading destination for foreign investment in Europe through the government’s Industrial Strategy, helping to build a Britain fit for the future.

“The High Potential Opportunities scheme will deliver growth where it is most needed, ensuring that the benefits of global investment are felt in every part of the country.

“And with more than £30bn worth of new opportunities, my international economic department’s overseas network is working hard to attract top investors to the UK.”




Mr Mundell added: “The UK Government is helping boost exports, attract inward investors and ensure the benefits of free trade are spread across the whole of the UK.”

DIT works directly with companies in 177 cities in 108 countries. Last year, the DIT helped attract 2,265 investment projects which created or safeguarded 108,000 jobs in the UK. 

Carolyn Fairbairn, CBI Director-General, said: “The International Trade Department’s drive to attract billions of pounds worth of investment to projects in each corner of the country is warmly welcomed by firms.

“The new online catalogue of British projects for global investors to find and research will also be a vital tool to attracting even more capital to the UK, enabling the benefits of free trade and investment to flow into our communities.”

The 68 projects, with more to be added over the coming months, will be promoted through a revamped online one stop shop for potential investors: invest.great.gov.uk.

The extended High Potential Opportunities scheme is now taking applications from business organisations, Local Enterprise Partnerships and councils from across the UK. In the first phase, more than 20 sectors and areas of the UK will benefit from a boost in investment.

The projects being promoted by DIT in Scotland, by location and value:

·    Dundee Waterfront, Dundee, £500m

·    Buchanan Wharf, Glasgow, £350m

·    Magenta, Glasgow, £280m

·    AMIDS, Renfrewshire, £244m

·    Edinburgh International Business Gateway, Edinburgh, £185m

·    Queen’s Square, Aberdeen, £150m

·    Bothwell Street, Glasgow, £140m

·    George Street Complex, Glasgow, £100m

·    Perth West, Perth, £100m

 

Dr Fox and Mr Mundell will announce the winners of the BOFTAs – Board of Trade Awards. Six companies are being recognised for their excellence in international trade, demonstrating innovation, creativity and entrepreneurialism.

The BOFTA winners are: Alexander Dennis in Falkirk, Speyside Distillery in the Cairngorms, EnerQuip and Bowalds Energy in Aberdeen, McGavigan and Aggreko in Glasgow.



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