Membership of the EU single market plays an important role in attracting foreign direct investment (FDI), both from within and outside the EU, to Scotland. This is an area in which Scotland has performed strongly in recent years.
By investing in Scotland foreign companies not only gain access to Scotland’s highly skilled and productive labour force, they are able to export to the large EU single market, free from import duties and other trade restrictions.
Jobs are created by EU companies investing in Scotland, which they can do more easily than in non-EU countries. Companies from outside the EU recognise the huge benefit of investing in Scotland and being able to access the EU single market.
In addition to the jobs created through FDI, foreign-owned firms have the potential to boost the underlying growth potential of Scotland’s economy.
- 40% – There were over 2,100 foreign-owned companies in Scotland in 2013. They employed around 302,000 people and had a combined turnover of £101 billion.
– around 40% of these companies were ultimately owned by firms based in the EU.
- 2006 – Scotland is well placed to continue its success in attracting global investment. It’s been ranked in the top two UK regions outside of London for Foreign Direct Investment in each year since 2006 according to the Ernst & Young Attractiveness Survey.