World Forum on FDI
Trade deals key to more FDI says Lord Grimstone
UK government minister Lord Grimstone will meet Scottish Business Minister Ivan McKee today to discuss the importance of new trade deals in retaining Scotland’s attractiveness to foreign investors.
Lord Grimstone will be in Edinburgh to take part in the 2022 World Forum for Foreign Direct Investment which is promoting the UK to an overseas audience.
The former chairman of Standard Life, now minister for investment, will jointly host a round table with key investors and businesses. He will later visit Scottish bases of US-owned companies including JP Morgan Chase and IQVIA.
Scotland continues to benefit from inward investment, supported by the UK Government Department for International Trade (DIT) and Scottish Development International – the Scottish Government’s investment agency.
Recent investments include Chivas Brothers’ £88 million investment into two of its strategic single malt distilleries in Aberlour and Miltonduff last month, and Indian firm Piramal Pharma Solutions £45 million investment to expand its UK-based drug development and manufacturing capabilities at its site in Grangemouth.
Lord Grimstone said: “From sectors like space – where Scotland is already a leading global manufacturer of small satellites – to innovative Fintech, and cutting-edge Precision Medicine, Scotland has the skills and workforce that global investors are looking for.
“High-value, high-impact investment provides a significant contribution to business turnover, job creation and levelling up across the UK. As we sign new trade deals and gain greater access to new markets, Scotland’s key industries will become more attractive for investors across the globe.”
UK CEO for Chase and Nutmeg, Sanjiv Somani, said: “With a great local talent pool and a strong heritage in retail banking, basing Chase’s customer operations centre in Edinburgh was an easy decision for the firm. Our team in Edinburgh play a vital role in delivering a first class experience to our growing customer base and will only increase in importance as we launch new products and services.
“Our investment into Edinburgh builds on JPMorgan Chase’s presence in the city, and sits alongside the firm’s technology centre in Glasgow.”
Lord Grimstone will also visit the largest life sciences employer in Scotland, US firm Q2 Solutions, a subsidiary of IQVIA, whose multi-million pound investment at its Livingston campus is creating more than 130 skilled jobs in clinical trial research and development.
The investments follow the International Trade Secretary’s joint trade dialogue with US Trade Representative Katherine Tai in Aberdeen last month, where the leaders discussed how transatlantic trade is delivering for the people of Scotland and the rest of the UK.
Elaine Lowey, Q2 Solutions’ General Manager for Europe, the Middle East and Africa, said: “I am delighted to have led such a momentous undertaking. Expanding our European operations in key technical areas supporting the development of new precision medications adds significant value to our global pharmaceutical and biotechnology clients.
“We were delighted with the Scottish investment in this venture and look forward to the job creation this will bring in our new state-of-the-art facility.”
Through the DIT Scotland Trade Hub in Edinburgh, businesses can utilise the UK government’s global networks, expertise and influence, as well as credit agency, UKEF, to grow their overseas trade and build back from the impact of coronavirus.