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| Version 1 | Version 2 |
|---|---|
| Foreign investment in Scotland 'at 15-year high' | Foreign investment in Scotland 'at 15-year high' |
| (about 5 hours later) | |
| Scotland has attracted its highest level of foreign investment for 15 years, according to an annual survey. | Scotland has attracted its highest level of foreign investment for 15 years, according to an annual survey. |
| Ernst and Young said the number of projects involving foreign direct investment (FDI) rose by 49% last year to 76. | Ernst and Young said the number of projects involving foreign direct investment (FDI) rose by 49% last year to 76. |
| This compared to a 3% rise in projects coming in to the UK as a whole. | This compared to a 3% rise in projects coming in to the UK as a whole. |
| However, the survey suggested the number of reported jobs created by foreign investors in Scotland fell by 18% to 4,867. | However, the survey suggested the number of reported jobs created by foreign investors in Scotland fell by 18% to 4,867. |
| It found Scotland increased its market share of all UK FDI projects by almost 3.5%, to 10.9%. | It found Scotland increased its market share of all UK FDI projects by almost 3.5%, to 10.9%. |
| Ernst and Young said the figures showed Scotland continued "to punch above its weight" in an increasingly competitive global market. | Ernst and Young said the figures showed Scotland continued "to punch above its weight" in an increasingly competitive global market. |
| Manufacturing operations accounted for more than 30% of FDI projects in Scotland, while the sector accounted for only 17% of projects generated in the UK as a whole. | Manufacturing operations accounted for more than 30% of FDI projects in Scotland, while the sector accounted for only 17% of projects generated in the UK as a whole. |
| The United States remained the largest source of FDI for the Scottish economy, accounting for 41% of all investment projects into the country. | The United States remained the largest source of FDI for the Scottish economy, accounting for 41% of all investment projects into the country. |
| But the report said while Scotland had also been successful in securing French, Norwegian and Swedish investment, it had not kept pace with the rest of the UK in attracting investment from emerging economies. | But the report said while Scotland had also been successful in securing French, Norwegian and Swedish investment, it had not kept pace with the rest of the UK in attracting investment from emerging economies. |
| It also found Scotland's market share of UK-wide FDI employment fell by 4% to 16% in 2012, but it remained above the 13.7% average recorded over the past 10 years. | It also found Scotland's market share of UK-wide FDI employment fell by 4% to 16% in 2012, but it remained above the 13.7% average recorded over the past 10 years. |
| Ernst and Young Scotland senior partner Jim Bishop said the fall in job numbers took place against the backdrop of a modest increase in FDI-generated jobs in the UK as a whole. | Ernst and Young Scotland senior partner Jim Bishop said the fall in job numbers took place against the backdrop of a modest increase in FDI-generated jobs in the UK as a whole. |
| "Only a large, one-off automotive project in the north west of England prevented Scotland retaining its position as the UK's top FDI job creator for the third year running," he said. | "Only a large, one-off automotive project in the north west of England prevented Scotland retaining its position as the UK's top FDI job creator for the third year running," he said. |
| "There is much to be positive about but Scotland cannot rest on its laurels. | "There is much to be positive about but Scotland cannot rest on its laurels. |
| "We are still more reliant on the US as a long-standing lead investor than the rest of the UK but lagging behind in investments from growing economies such as India and China. | "We are still more reliant on the US as a long-standing lead investor than the rest of the UK but lagging behind in investments from growing economies such as India and China. |
| "The country is performing well, but there's always room for improvement." | "The country is performing well, but there's always room for improvement." |
| 'Open for business' | 'Open for business' |
| The report also argued the current debate surrounding Scotland's constitutional future was having "little or no effect" on levels of FDI. | The report also argued the current debate surrounding Scotland's constitutional future was having "little or no effect" on levels of FDI. |
| Mr Bishop said: "As new markets open up and competition for FDI intensifies, securing investment will become more difficult for all countries, including Scotland. | Mr Bishop said: "As new markets open up and competition for FDI intensifies, securing investment will become more difficult for all countries, including Scotland. |
| "However, next year's referendum hasn't acted as a barrier to investment so far, although that may change as the discussion intensifies." | "However, next year's referendum hasn't acted as a barrier to investment so far, although that may change as the discussion intensifies." |
| Scottish Development International said the survey underlined the message to foreign investors that Scotland was "open and ready for business". | Scottish Development International said the survey underlined the message to foreign investors that Scotland was "open and ready for business". |
| Chief executive Anne MacColl said: "Over the past 12 months, we've opened up six new offices in key locations such as Hyderabad, Calgary, Shenzhen and Rio de Janeiro and we'll soon be establishing a presence in West Africa. | Chief executive Anne MacColl said: "Over the past 12 months, we've opened up six new offices in key locations such as Hyderabad, Calgary, Shenzhen and Rio de Janeiro and we'll soon be establishing a presence in West Africa. |
| "This will ensure that we continue our recent successes in attracting new jobs and investment for Scotland." | "This will ensure that we continue our recent successes in attracting new jobs and investment for Scotland." |
| Finance Secretary John Swinney welcomed the report, saying Scotland's success at securing inward investment was "clear". | Finance Secretary John Swinney welcomed the report, saying Scotland's success at securing inward investment was "clear". |
| "Inward investment projects coming to Scotland are at their highest level for 15 years," he said. | "Inward investment projects coming to Scotland are at their highest level for 15 years," he said. |
| 'Strong foundations' | 'Strong foundations' |
| "Scotland is ranked number one for inward investment projects outside London, up from number two last year and we have maintained our consistent place as one of the top performers when it comes to attracting employment." | "Scotland is ranked number one for inward investment projects outside London, up from number two last year and we have maintained our consistent place as one of the top performers when it comes to attracting employment." |
| Mr Swinney added: "This report demonstrates that Scotland has strong foundations and there can be no doubt that Scotland has the potential to be a successful independent nation." | Mr Swinney added: "This report demonstrates that Scotland has strong foundations and there can be no doubt that Scotland has the potential to be a successful independent nation." |
| A Scotland Office spokesman said it was "always good to see Scotland doing well as part of the UK". | A Scotland Office spokesman said it was "always good to see Scotland doing well as part of the UK". |
| He added: "Investors look at the wider picture and this report shows the stability and opportunity offered by Scotland, with a single market and regulatory regime and using Sterling as part of the UK, is an attractive option for foreign companies. | He added: "Investors look at the wider picture and this report shows the stability and opportunity offered by Scotland, with a single market and regulatory regime and using Sterling as part of the UK, is an attractive option for foreign companies. |
| "The real question is what would happen if those positive conditions were to change in the future." | "The real question is what would happen if those positive conditions were to change in the future." |