Scotland ranked as top foreign investment destination

Scotland has been named the third best large European region for foreign direct investment (FDI) and the ninth top European region of the future, according to a new report produced by fDi Magazine.

Scotland was ranked behind only Catalonia in first and the German region of North Rhine Westphalia in second positions.

The fDi’s European Cities and Regions of the Future 2018/19 report, which analyses data compiled by The Financial Times, is based on a range of criteria including economic potential, human capital, connectivity, business friendliness and costs.

Glasgow was also ranked seventh in the top 10 list of large European cities of the future and placed fourth in terms of business friendliness and second only to Birmingham for promoting foreign direct investment.

And Edinburgh was ranked second in a list of mid-sized European cities for economic potential, behind Zurich in first.

SNP MSP Ivan McKee said the report signals huge confidence in Scotland’s investment potential but highlighted the warning included in the report that Brexit remains a clear threat to the current FDI success story north of the border.

He said: “This award is a real boost for Scotland and for the City of Glasgow, showing the success the city has had in promoting foreign direct investment and business friendliness and signalling huge confidence in Scotland as an investment destination.

“The FDI report also highlights the underlying strengths of the Scottish economy ranking it fifth out of all European regions for economic potential. We enjoy resources few nations can match, including one of the most highly-educated workforces in Europe, a long-standing reputation for innovation and an internationally-regarded brand.

“However, the report also underlines the clear threat posed by a hard Brexit, that will mean a loss of around £12.7bn a year for the Scottish economy, the equivalent of £2,300 per year for every person in Scotland.

“We know that the whole of Scotland benefits massively from being a member of the European Union and it’s time the Tories stopped risking Scotland’s potential as a region of the future and put jobs and living standards first by committing to remaining in the Single Market and Customs Union.”