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A Time of Change: Starting the Clock on Scotland’s Next Economy

By Derek Mackay MSP, Cabinet Secretary for Finance, Economy and Fair Work

Businesses across Scotland share a determination to equip our workforce with the skills needed to grow, adapt and meet the challenges of the future.

Our economy is demonstrating its resilience in the face of unprecedented and continued economic change, yet we need to further prepare for continued uncertainty and longer-term impact.

Building a more resilient economy for the future is at the heart of the Scottish Government’s Economic Strategy, which sets out a vision for sustainable and inclusive growth that benefits all of Scotland.

Scotland is well placed to take advantage of the huge economic opportunities that come from our established strengths in innovation and technical change, and therefore we’re investing in industrial transformation, helping businesses to adopt digital technology and embrace data-driven innovation.

Working with SCDI and business and industry leaders, we want to build an economy based on growth that boosts competitiveness, while tackling inequalities and delivering economic benefits for our communities, the environment, and for workers and business.

In 2019-2020, I have earmarked investment of around £2.4 billion in our enterprise and skills bodies who will play a vital role in delivering our economic ambitions by providing responsive and focused enterprise support for all of Scotland.

The Scottish Government has also committed to investing £2 billion over 10 years to capitalise a Scottish National Investment Bank, which will become a cornerstone of Scotland’s economic architecture by supporting businesses across all stages of the business growth lifecycle.

We will also continue to foster an environment in which the drive and capacity of business leaders delivers a vibrant, successful and inclusive economy.

SCDI’s annual forum is recognised as a key opportunity to bring the private, public and third sector together to take stock, reflect and lead action towards a clear vision of Scotland’s future, and I am delighted to be participating in some of today’s most important discussions with industry and business leaders.