A new, targeted inward investment plan has been launched that aims to further internationalise Scotland’s economy.
The plan represents a fundamental shift in approach and focuses efforts on nine areas of opportunity where Scotland has global strengths and which offer significant future prospects.
Independent research suggests that the sectors identified are also likely to be among the most resilient to the impact of COVID-19.
They include energy transition, health technology, the space sector and digital financial and business services. Priority will be given to investors who can build local supply chains, provide new skills and invest in research.
There will be an emphasis on the creation of regional clusters to encourage the spread of investment across Scotland.
The Scottish Government will focus resource on strategic investments, aiming ultimately to allocate up to £20 million a year.
It is estimated the plan has the potential to increase GDP by £4.2 billion, boost exports by £2.1 billion over the next two decades and add up to £680 million a year to government revenues. The revised approach seeks to deliver 100,000 jobs over the next decade.