Scotland’s Programme for Government to invest £130m in businesses

The Programme for Government revealed by the Scottish Government yesterday promised £130 million to be made available this year to set up the Scottish National Investment Bank.

Scotland’s Programme for Government to invest £130m in businesses

The programme outlined the emergence of the ‘Green New Deal’ which the government has argued will harness the power of the Scottish National Investment Bank and create a £3 billion package of investments to attract green finance to Scotland.

The Scottish Government has said the investment will be used to ready Scotland for a shift in how government and business will work together to drive investment.

Following the establishment of the SNIB, the Scottish Government has said it will invest a minimum of £2bn over a decade in businesses and communities. It stated that a key element of the Bank’s work will be to help shape and develop commercially-investable low carbon markets. The government has said that as well as opening up significant investment opportunities, the Bank will work with businesses to identify opportunities and break down barriers to green investment.

The programme also revealed that £37m of funding would be provided per year, to support businesses to innovate and for help with research and development.

The plan indicated that the government will remain focused on international markets. To do this, paralleled with the Export Plan, the government has said it will put in place a Foreign Direct Investment(FDI) Growth Plan setting how the country will grow FDI and secure inward investment to help build green and sustainable technologies and sectors, as well as address major global challenges around ageing and wellbeing.

The programme outlined that the Scottish Government will engage with the Enterprise and Skills Strategic Board to set out a vision for Scotland’s skills system and work proactively with businesses to address current and future skills shortages.

To support businesses, the Scottish government has said that due to calls for easier access to information, advice and support, by the end of this year, businesses will be able to access products and services from our enterprise and skills agencies, as well as Business Gateway, through an online single entry point currently being developed.

The programme also detailed a new enhances export plan created by the Scottish Government which will be backed by £2m of investment over three years and sets out plans to grow Scotland’s exports to add around £3.5bn to Scottish GDP.

The plan includes:

  • the recruitment of 15 new in-market specialists
  • a partnership to be built between the Scottish chambers of commerce
  • work to expand the Scottish Trade Envoy network
  • develop a new digital portal which supports exporters, providing support to trade activities
  • continuing the First Minister’s Export Challenge
  • work to revamp the Global Scot network with new digital platform and promotional material and the launch of a campaign of awareness-raising to make sure Scottish companies know about and can access, export finance support.

The programme has said that as set out in the government’s Economic Action Plan, it will continue to deliver on its long-term commitment to investment in tackling climate change, improving the wellbeing of our people, encouraging innovation, adopting new technology, creating world-class infrastructure and delivering skills for the future.

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