Scotland’s National Strategy For Economic Transformation

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Scotland’s National Strategy For Economic Transformation

The Scottish government has drawn up a new strategy for economic growth by promoting investment, start-up business ventures and new green industries.

It includes an investor panel led by the first minister, more support for entrepreneurs and better infrastructure to boost productivity across Scotland.

Finance Secretary Kate Forbes said the government would have a “ruthless focus on delivery” of the plans.

The paper sets out five key policy programmes, including a drive to boost inward investment in Scotland.

First Minister Nicola Sturgeon is to convene a panel of investors aimed at attracting cash for green projects which will contribute to hitting the country’s climate change targets.

This will see ministers promote Scotland as a “test bed” for new technologies and markets, including government investment in renewable hydrogen fuel production.

There will also be a focus on backing entrepreneurs and start-up firms, with a chief entrepreneurship officer to be appointed within government and new business hubs to provide support and advice.

The government also wants to improve digital infrastructure to boost productivity for firms across the country and develop a “national digital academy” to provide people with key skills.

The strategy also pledges to tackle poverty through fairer work and conditions, while helping more women, disabled people, those with care experience and people from minority ethnic backgrounds into the workforce.

Commenting on the Scottish Government’s publication of Scotland’s National Strategy for Economic Transformation, Dr Liz Cameron CBE, Chief Executive of the Scottish Chambers of Commerce said:

“Scotland’s businesses will applaud the scale and ambition set out in the strategy, which has the potential to live up to its name and truly revolutionise the Scottish economic landscape over the next decade.

“The Strategy is a strong starting point for transformation and businesses of all sizes and from all sectors will step forward to help support the initiatives set out to drive forward the renewal of Scotland’s economy.

“By working in partnership, businesses and government can become better positioned to dial-up Scotland’s economy by several notches, creating the jobs, opportunities and trading conditions that will drive an increasingly entrepreneurial, wealthier and greener Scotland.

“The key test for the Scottish Government and its agencies however will be to demonstrate they can effectively work with businesses to deliver meaningful change.  Delivering Scotland’s economic transformation will be a collective effort and Scotland’s businesses have the skills and expertise to deliver growth, however, the public sector must create the environment to allow this to happen.”

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