Date Created: 01 September 2011
"In the chemicals sector, this included RSA grants of £3 million to support £24.5 million on new capital investment."
The chemical sector is big business in Scotland generating £14 billion in revenue and £2.7 billion in exports each year.
That’s why many international chemical companies have established operations in Scotland, attracted by the skilled workforce, world-leading research and development, its collaborative networks, and world-class and cost-competitive facilities.
However, there’s also another good reason – the valuable financial support that is available to help companies set up business in Scotland.
One of the most valuable is Scottish Enterprise’s Regional Selective Assistance (RSA) support which totalled £52 million during 2010/11. Through its international arm, Scottish Development International, this £52 million helped support £243 million of new capital investment in the country from a wide range of international companies.
In the chemicals sector, this included RSA grants of £3 million to support £24.5 million on new capital investment for a range of companies, including Silberline Limited and Chemring Energetics UK Limited.
And once companies are established in Scotland there is also more financial help to support their R&D, productivity, growth and export activities.
For example, Scottish Enterprise invested £1 million in R&D grants to chemical companies which were matched by £5.7 million from the private sector. The organisation also takes equity positions in high growth companies and invested £211,000 in the chemical sector last year and helping to support £435,000 of private sector equity investment.
Its Scottish Manufacturing Advisory Service, which provides a subsidised business improvement consultancy, worked with 10 chemical companies last year and identified £1 million of productivity benefits.
Another important priority for Scottish Enterprise is raising the global competitiveness of the economy and SDI’s global network of marketing offices were busy last year supporting 950 companies to take advantage of opportunities in overseas markets – 29 of these in the chemical sector.
And international interest in Scotland continues, as SDI looks at supporting a further £46 million of planned inward investment in the chemical sector this year.
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