The SNP Government has published an £18 million fund to help businesses benefit from manufacturing developments; a key action in a new plan to help boost economic growth.
As part of a response to the business-led Enterprise and Skills Strategic Board, the Economic Action Plan sets out a number of new and existing actions that will work together to build a strong, vibrant and diverse economy that promotes wellbeing and attracts investment.
Economy and Finance Secretary Derek Mackay MSP published the action plan ahead of a visit to Mudano in Edinburgh to welcome news that the London-based consultancy company have just invested £6.9 million to establish a base in Edinburgh. Some of the new measures include:
Committing to maintain a stable and competitive tax regime as part of a supportive business environment.
Establishing a £18 million Advanced Manufacturing Challenge Fund to ensure all parts of Scotland benefit from developments in advanced manufacturing.
Responding to the rapidly changing skills needs of business and employees by enhancing our support for reskilling and upskilling.
Working with business to pilot two ‘Productivity Clubs’ to support businesses to help each other to improve managerial capability and diffusion of technology and innovation.
Expanding the role of the Can Do Business Innovation Forum to take action on the economic opportunities and challenges of new technologies.
Launching a ‘Come to Scotland campaign’ to attract talent and investment and help mitigate the impact of Brexit.
Mr Mackay said:
“The SNP Government’s Economic Strategy sets out our vision for sustainable and inclusive growth. Growth that boosts competitiveness while tackling inequalities and delivers for our communities, for the environment, and for workers and business.
“The Economic Action Plan reinforces our unwavering commitment to this vision and sets out actions designed to support businesses, accelerate growth and prosperity for all.
“This plan is in response to direct engagement and feedback Scottish Ministers have had with trade unions and businesses across Scotland. We will continue to work in partnership to ensure we are responding to the meet the needs of our economy.”
Kenneth Gibson MSP commented:
“This plan follows the publication of the State of the Economy Report which found that Scotland’s economy has continued to strengthen in the first half of 2018, with annual GDP growth the strongest since 2014 and above the UK as a whole. Furthermore, the labour market in Scotland continues to perform strongly with unemployment falling over the past year and remaining close to its record level.
“The plan has already been welcomed by the Scottish Chambers of Commerce and the Scottish Council for Development and Industry and I believe that this innovative combination of further financial investment, support and measures to attract and connect investors and companies, makes for a sensible and effective approach.”