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A new investment strategy for Glasgow has been approved by the city’s local authority.
Running until 2030, the strategy aligns with the Glasgow economic strategy in its aims of delivering enhanced productivity and inclusive economic growth while tackling the climate emergency.
Key sectors in the strategy include financial and business services; life sciences and precision medicine; the creative and digital economy; the green economy; and space and satellite technology.
Glasgow City Council said it will build on the success of the previous strategy for the city in attracting foreign direct investment and capital investment, with it adding that the new Glasgow investment strategy will meet the challenges of the new investor landscape, changed by the effects of Brexit and the pandemic.
The success of Glasgow’s investment strategy in recent years can be seen in companies such as Barclays, BNP Paribas, Morgan Stanley and JP Morgan being attracted to invest in the city, the local authority added.
Between 2013-2023, £3.06 billion of foreign direct investment was made in Glasgow, with 13,342 jobs being created in 225 projects. Over £17 billion in capital investment has been attracted to the city since 2011.
The new strategy was informed by consultation with key stakeholders, including Scottish Development International, Skills Development Scotland, Glasgow City Innovation District, and Glasgow Riverside Innovation District.
15 actions have been identified to deliver the aims of the strategy, with some of these including new work to reach new markets; monitoring investor trends and requirements; support the council’s drive for green investment; attract venture capital and other forms of investment to support local start-ups and SMEs especially in priority sectors; and working closely with stakeholders to promote investible propositions to take to market.
Councillor Susan Aitken, leader of Glasgow City Council, said, “The Glasgow investment strategy will help to bring new jobs to the city, particularly in the sectors that will deliver both economic growth that benefits the whole city and our net zero targets. The continued success of the city in attracting investment is testament to the education and skills of our people, the support and strength of our business networks and our work to promote the attractiveness of Glasgow as a place in which to live, work, and invest.”
