CMS and Fraser of Allander in push for economic growth

Global law firm CMS has partnered with the Fraser of Allander Institute to launch a campaign aimed at maximising Scotland's growth potential.

Backed by a report highlighting the strengths of the Scottish economy along with the main barriers to growth, the International Scotland initiative will involve a series of events across Scotland involving direct engagement with the business community, Scottish Government ministers and other policy influencers.

The report of the same name identifies six growth sectors: food and drink (including agriculture and fisheries); creative industries (including digital); sustainable tourism; energy (including renewables); financial and business services; and life sciences. It also recognises the strength of the Scottish university sector in supporting new, innovative companies and highlights factors through which Scotland can attract international talent.

Barriers to progress include:

• the effect of the pandemic on tourism;
• supply chain issues caused by Brexit, the pandemic and the war in Ukraine;
• labour shortages;
• the lack of Scottish acquisitive firms, and of large firms in sectors like tech and finance;
• "a degree of short-termism" among firms, with many relocating for tax reasons and other incentives;
• disincentives to foreign investment due to talent being attracted elsewhere, a lack of infrastructure, failing to scale up innovations, post-Brexit regulation (and isolation), and a long and slow planning process.

Richard Lochhead MSP, Scottish Government Minister for Just Transition, Employment and Fair Work, will address the first engagement event, focusing on Scotland’s transition to net zero, in Aberdeen on 22 November. Ivan McKee MSP, Minister for Business, Trade, Tourism and Enterprise, will speak on his ministerial remit in Edinburgh on 23 November, and on "Invest in Scotland" in Glasgow on 7 December.

Companies and individuals wishing to apply to attend the events can register their interest here.

Allan Wernham, managing director of CMS Scotland, commented: "CMS is proud to join forces with Fraser of Allander Institute to launch the International Scotland campaign. Leveraging the knowledge and expertise within both organisations, we are focused on the core themes of business, trade and tourism; inward investment; and the transition to net zero as well as the key opportunities and challenges for Scotland in fulfilling its full economic potential.

"We now look forward to engaging in further discussions with the business community, Government and policy groups to build consensus on the best way forward and develop innovative policy ideas that will help the Scottish economy to thrive."

Professor Mairi Spowage, director of the Fraser of Allander Institute, added: "Using the evidence base highlighted in the International Scotland report, we will engage with a wider cross-section of stakeholders to explore the key barriers and enablers for the Scottish economy on the international stage. The forthcoming events taking place across Scotland will serve as the basis for feedback, input, further reflection and, ultimately, policy recommendation to drive economic growth."