Pace of growth outstrips UK and European performance.
A record number of Foreign Direct Investment (FDI) projects were secured in Scotland last year, according to the latest EY Annual Attractiveness Survey.
The country outpaced both the UK and Europe for the second year in a row, maintaining its position as the top performing area of the UK outside of London for the eighth year.
Inward investment projects grew by 3.3% in 2022, compared to 1.4% growth across Europe and a 6.4% fall across the UK.
Scotland’s share of UK FDI projects reached a record high of 13.6% – up from 12.3% the previous year – while a record 19.2% of investors responding to the EY survey said they were planning to establish or expand operations in Scotland, indicating strong investor sentiment.
The Survey also highlighted:
- Scotland has three of the top 10 cities for FDI projects outside London (Edinburgh 2nd, Glasgow 4th Aberdeen joint-5th), with the majority of projects involving digital technology alongside utility supply, including renewables.
- The US (responsible for 40 projects) remains the biggest contributor of Scottish inward investment projects, with continued strong performance across Europe including Germany with 10 projects, the highest contribution in a decade.
- Scottish manufacturing continued its recent success, with a joint decade-high 35 projects in 2022 matching last year’s project total.