Foreign Investment At 16-Year High

Scotland is seeing record levels of foreign investment, according to a new report.

Accountancy firm Ernst and Young says it reached its highest level in 16 years last year, and created over four thousand jobs.

Investment in software projects accounted for 22 percent of foreign investment - a rise of 300 percent on 2013.

The paper also says events such as the Commonwealth Games and the Ryder Cup create what they call a “halo effect” that can boost investement.

Meanwhile, a Bank of Scotland repoprt show a further solid expansion of private sector output and new business in Scotland.

But it says the rate of growth has dropped from last month.

Finance Secretary John Swinney has welcomed the report.

He said: “This independent survey shows a further impressive performance by Scotland, with an increase in the number of projects secured in 2013, to reach the highest number since 1997.

“And Scotland continues to be the most attractive location for investment in the UK outside of London. In fact, outside of London, Scotland has ranked 1st or 2nd in the UK since 2006.

“As the EY report states ‘this adds up to an encouraging year for Scottish FDI, one in which Scotland’s strengths in knowledge intensive sectors, notably software, came to the fore.’

“Scotland now has a greater share of projects in Research and Development (R&D) than the UK as a whole, a position EY say shows Scotland can ‘punch above its weight in science and technology."