Emerging clusters such as space, satellite, financial and business services, life sciences and precision medicine will help drive Glasgow’s new ‘ethical’ investment strategy.
Emphasis on technology and innovation in the new industries aims to deliver enhanced productivity and inclusive economic growth while tackling the climate emergency in the city.
The Glasgow Investment Strategy, published this week, will align with the Glasgow Economic Strategy and focus on the key sectors, which also include the creative, digital and the green economies.
Building on the success of the previous strategy for the city in attracting Foreign Direct Investment and capital investment, the new Glasgow Investment Strategy will meet the challenges of the new investor landscape, changed by the effects of Brexit and the pandemic.
The success of Glasgow’s investment strategy in recent years can be seen in companies such as Barclays, BNP Paribas, Morgan Stanley and JP Morgan being attracted to invest in the city.
Between 2013-2023, £3.06billion of Foreign Direct Investment (FDI) was made in Glasgow, with 13,342 jobs being created in 225 projects. Over £17billion in capital investment has been attracted to the city since 2011.
The new strategy was informed by consultation with key stakeholders, including Scottish Development International, Skills Development Scotland, Glasgow City Innovation District, and Glasgow Riverside Innovation District.
Fifteen actions have been identified to deliver the aims of the strategy, with some of these including new work to reach new markets; monitoring investor trends and requirements; support the council’s drive for green investment; attract venture capital and other forms of investment to support local start-ups and SMEs especially in priority sectors; and working closely with stakeholders to promote investible propositions to take to market.
Councillor Susan Aitken, leader of Glasgow City Council, said: “The Glasgow Investment Strategy will help to bring new jobs to the city, particularly in the sectors that will deliver both economic growth that benefits the whole city and our net zero targets.
“The continued success of the city in attracting investment is testament to the education and skills of our people, the support and strength of our business networks and our work to promote the attractiveness of Glasgow as a place in which to live, work and invest.”
More information on the Glasgow Investment Strategy can be found at: https://invest-glasgow.foleon.com/igpubs/whitepaper/