SFE launches major new campaign to attract foreign direct investment
‘From Scotland to the World’ campaign aims to highlight Scottish financial sector’s unique history and exciting future in bid to woo investors
Scottish Financial Enterprise, the member body for Scotland’s financial and related professional services industry, has launched a major new promotional campaign to attract international investment.
The ‘From Scotland to the World’ campaign was launched at the Scottish Parliament yesterday (WEDS) and comes as Scotland was once again named the UK’s premier inward investment location for financial services outside of London in EY’s annual Attractiveness Survey[i], while retaining its position as the UK’s second largest financial centre in The City UK’s latest ‘Enabling Growth Across the UK’ report[ii].
Major recent investments in Scotland include Barclays’ new Glasgow campus, which has expanded its Scottish headcount to 5,700 and JP Morgan’s new technology base in Glasgow, which will house around 2,700, while BlackRock recently announced plans to grow its headcount in Edinburgh to over 1,400 at its new iHub premises.
The campaign seeks to build on these recent successes by securing even greater investment, highlighting the unique strengths that set the Scottish industry apart from key competitors, including:
The depth, breadth and maturity of Scottish finance, which benefits from 300 years of experience and strengths across every sub-sector
Scotland’s abundance of talent and strong record of innovation, highlighted by its world-class universities and burgeoning fintech sector
The quality and value of Scotland’s business landscape, which benefits from our accessible cities, vibrant culture, high standards of living, and relatively low cost-base
The ‘From Scotland to the World’ campaign was launched at a reception at the Scottish Parliament on Tuesday. The event, which was sponsored by BlackRock, and organised with support from Ivan McKee MSP, was attended by industry leaders, politicians from across the political spectrum, and included a keynote address from Finance Secretary and Deputy First Minister Shona Robison MSP.
The campaign has been developed in partnership with Scottish Development International and the Department of Business and Trade. Both the Scottish and UK governments recognise the sector’s importance to the Scottish economy and strong potential for economic growth. Financial and related professional services are the largest contributor to the Scottish economy, worth around £14.3bn GVA.
Speaking about the campaign, Sandy Begbie CBE FRSE, Chief Executive, Scottish Financial Enterprise, said: “Scotland’s financial and related professional services industry is one of our most prized national assets.
“We are an industry with a distinctive heritage, and through continued innovation, collaboration and investment, we are still shaping the future to this day, contributing around £14.3billion to the Scottish economy and directly employing tens of thousands of people across the country.
“Our new international campaign is about getting that message out to key investors around the world, bringing them in to be a part of our unique story, supporting our future growth and theirs.”
Deputy First Minister Shona Robison said: “Scotland’s financial services industry makes a significant contribution to our economy and its strength in attracting investment is to be celebrated.
“I’m pleased to see recent successes being built on through this campaign. By emphasising the innovation we’ve seen in Scotland in areas such as fintech and data, there is an exciting opportunity for the sector to continue building success, investment and employment.”
UK Government Minister for Scotland and Exports Malcolm Offord said: "This campaign from Scottish Financial Enterprise underlines our place as a global leader in the finance sector. With world-class Scottish universities honing the next generation of talent, financial institutions are drawn to invest here and I'm sure many more will see the clear benefits. Growing our finance sector is a crucial part of our plan to grow the economy."
Scott Walker, Managing Director, Co-Head BlackRock Edinburgh, said: “Scotland boasts a thriving financial sector that plays a vital role in the economy. Our presence in Scotland has been the foundation on which we built our European business, and our investments in critical social infrastructure and green projects demonstrates our commitment to, and confidence in, Scotland’s long term growth potential.”
[i] https://www.ey.com/en_uk/news/2023/06/uk-remains-europes-most-attractive-destination-for-financial-services-investment
[ii] https://www.thecityuk.com/media/im5dm2bh/enabling-growth-across-the-uk-2023.pdf