Scotland named Europe's 'region of the future'

Published on Thursday 6 March 2008 20:48

The SNP Government's efforts to attract more foreign investment were reinforced yesterday when Scotland was named European "region of the future."

Beating off competition from 38 other nations and regions in Europe, Scotland was found to be the best location for foreign direct investment (FDI).

In a competition run by fDi magazine, published by the Financial Times group, Scotland came out ahead of Flanders in Belgium, Northern Ireland and the Cote D'Azure in France.

According to Scottish Enterprise, it was the judging categories of economic performance and human resources that brought Scotland the award. It is the second time Scotland has won.

The country's IT and telecommunications provision, transport links, quality of life and overall FDI promotion strategy also contributed to the victory.

Edinburgh was named as best "Small European City" in the poll while Edinburgh, Glasgow and Scotland featured in the top ten "most business friendly" cities or regions in Europe.

FDi's judges were said to have been impressed with Scotland as a whole and the ambitious plans to develop the River Clyde, which are set to create 33,000 jobs. Developments such as Edinburgh BioQuarter and the Seabraes Yard media park in Dundee, plus improved airline routes also contributed to Scotland's success.

Enterprise minister Jim Mather said the award demonstrated Scotland's "huge economic potential".

He said: "This government is determined to tap into this potential and, as the award demonstrates, we are already making Scotland an even more attractive place to invest.

"People across Europe are realising that Scotland's government is determined to increase economic growth, and they want to be part of that.

Lena Wilson, chief operating officer at Scottish Enterprise, said: "To have been benchmarked against our competitors is very satisfying as we know just how tough the competition is.

"Winning the award twice is undeniably a huge achievement and bodes well for future investment."

London ranked top in "cities of the future", with judges saying the capital was "likely to remain Europe's dominant city for the foreseeable future".