Being a Welsh person who has lived in Scotland for over 30 years, the Six Nations Rugby Tournament can be a bit of a challenge to my loyalties as well as my liver. But even I rejoiced in the recent Scottish victory. It was the well deserved result of hard work, commitment and a group of individuals coming together as a team with a common purpose and a hunger to succeed. Scotland is once again a world-class rugby nation and the good-natured Welsh invasion returned to the mountains and valleys, nursing their throbbing heads . . . to think again!
The world stage should be familiar to Scotland which has often punched above its weight. When you reflect on the Enlightenment, the engineering prowess, the inventions and the Scots who made their fortunes across the globe, even I feel an enormous amount of pride. And I truly believe that now we again stand on the cusp of a golden period – and in more than rugby! World leading research in big data, robotics and bio-science is coming out of the University of Edinburgh and Heriot Watt University, our Tech and FinTech sectors are producing innovative applications for security and a fast changing digitised world. Scottish Government is cognisant of the need for businesses to increase their ambitions for growth and look to international markets for that growth. The Scottish Chambers of Commerce network is working with Scottish government and SDI to lift the veil of mystery and help business better understand what is needed to export and will be partnering with the private sector to share experiences and resources to assist with achieving this critically important International strategy.
Edinburgh is one of the top 10 cities in the world as a place that is attracting significant investment from overseas funds and we are second only to London in terms of our share of the Foreign Direct Investment coming onto the UK. The UK receives 49% of the total US outward investment, Cahal Dowds of Deloitte explains the M&A Deal Corridor between UK and US has never been stronger, with the technology, media and telecommunications sector most active. ‘Interest rates are low, corporate cash reserves are high and the supply of capital for corporates and private equity is massive. In a world where there is a scramble for market share, the fundamentals for M&A have never been better”.
So with international relations growing and a strong vote of confidence in the UK economy, in spite of Brexit, Scotland needs to press ahead and take its share of the prize. Yes we want investment into Scotland but we also need our home-grown businesses to look to the huge opportunities available through accessing new overseas markets and scaling to achieve real growth. Skyscanner’s sale to China’s Ctrip last year for £1.4 billion is a great example of what can be achieved with ambition and a drive into new international markets and investors who support management and take a longer term view of the investment cycle.
We are a small nation with a big heart but our domestic market is not enough to support the start-up culture and the sustainability we require to create an economy that will deliver success, inclusivity and employment opportunities for all. Exporting is great.
Liz McAreavey is chief executive of Edinburgh Chamber of Commerce
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