International Investment: Scotland

13 Mar

Question

The session on International Investment in Scotland was a focused exchange primarily driven by Frank McNally's inquiries. His questioning centered on the UK Government's strategic investments in Scottish industries, particularly those fostering sustainable development. McNally expressed appreciation for the National Wealth Fund's recent investments designed to bolster job creation and economic growth in Glasgow and beyond.

£200 million

Investment by the National Wealth Fund in new opportunities in Grangemouth.

The Minister responding, Mr. Alexander, detailed the Government's robust commitments to Scottish investments, referencing specific figures like the £200 million allocated to Grangemouth, £55 million for the Port of Cromarty Firth, and the prospective £80 million spread over two investment zones. Alexander highlighted the opportunity for further proposals from regions, especially in green industry sectors, affirming proactive government support for these developments.

£55 million

Grant for the Port of Cromarty Firth.

This dialogue unveiled specific commitments and highlighted strategic directions for future investments in Scotland, uniquely positioning it within broader UK economic goals.

£80 million

Funding for two investment zones over five years.

£43.5 million

Investment by the National Wealth Fund in Pulpex Ltd for sustainable packaging near Glasgow.

Outcome

The outcome of the session was the reinforcement of the UK's commitment to fostering growth in Scotland through localized and sustainable investments. This renewed commitment, especially towards green industries in regions like North Lanarkshire, positioned Scotland as a crucial player in the UK's future economic landscape.

Key Contributions

Frank McNally

Labour

Inquired about steps to increase international investment in Scotland.

Mr Alexander

Acknowledged McNally's advocacy for Coatbridge and Bellshill communities.

Original Transcript

Frank McNally

Coatbridge and Bellshill

Lab

Question

UIN: 903182

18. What steps he is taking to help increase levels of international investment in Scotland.

The Minister for Trade Policy and Economic Security

Mr Douglas Alexander

10:19

The Government are committed to supporting investment in Scotland in line with our growth mission. The Prime Minister recently announced that the National Wealth Fund will provide £200 million of investment in new opportunities in Grangemouth in particular.

That announcement came alongside the recently announced £55 million grant for the Port of Cromarty Firth, the two investment zones receiving £80 million over the next five years and our expanded Office for Investment.

Frank McNally

I am grateful to my right hon. Friend for that answer. The National Wealth Fund has recently invested £43.5 million in Pulpex Ltd to construct a sustainable packaging facility near Glasgow, which is a welcome move and will support jobs and growth.

What further measures are planned to attract similar green industry investments in communities such as my own in North Lanarkshire, which has Scotland’s fastest-growing economy?

Mr Alexander

My hon. Friend is a tireless advocate for the communities of Coatbridge and Bellshill.

I can assure him that the National Wealth Fund’s strategic partnerships trial will see each local authority within the Glasgow city region, including North Lanarkshire, being invited to submit project proposals, including for projects focused on, I hesitate to say, green jobs in Coatbridge.

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