Lord Grimstone has declared that Scotland already has the skills and workforce that global investors are looking for.
The UK Government Minister for Investment is taking part in the 2022 World Forum for Foreign Direct Investment in Edinburgh today, as he promotes Scotland's role within the UK “investment powerhouse”.
Grimstone will meet Minister for Business, Trade, Tourism and Enterprise Ivan McKee to discuss areas for future collaboration and jointly host a roundtable with investors and businesses.
It follows as Scotland celebrates a spate of recent inward investment, supported by the UK Government Department for International Trade and Scottish Development International.
This includes Chivas Brothers’ £88m investment into two of its strategic single malt distilleries in Aberlour and Miltonduff last month, and Indian firm Piramal Pharma Solutions investing £45m to expand its UK-based drug development and manufacturing capabilities at its site in Grangemouth, supporting the creation of 40 new jobs and safeguarding a further 170.
After the forum, Grimstone will visit several businesses who have recently expanded operations in Scotland, including JP Morgan Chase, which launched its digital retail bank Chase - with two sites in Edinburgh and London - following UK Government support last year.
He will also visit the largest life sciences employer in Scotland, US firm Q2 Solutions, whose multi-million pound investment at its Livingston campus is creating more than 130 jobs in clinical trial research and development.
“From sectors like space - where Scotland is already a leading global manufacturer of small satellites - to innovative fintech, and precision medicine, Scotland has the skills and workforce that global investors are looking for,” stated Grimstone.
“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.”
Sanjiv Somani, UK chief executive at Chase and Nutmeg, 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.”
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