Scottish Enterprise (SE) has said it invested £568 million into the country’s economy during the 2020-21 financial year.
The economic development quango added it also kick-started further investment worth a total of more than £1 billion and secured nearly 7,000 Real Living Wage jobs.
SE said its record funding supported more firms than ever before, including domestically focused and export-orientated businesses that were driving innovation and investment in “key assets”.
As we fast approach the halfway point of this performance year we are seeing encouraging signs, with continued appetite for investment.”
Linda Hanna, the group’s interim chief executive, said: “Scottish Enterprise is determined to play a key role in supporting Scotland’s economic recovery and deliver a future green economy that is fair for all.
“Our performance over the past year shows we are on the path to achieving that.
“We are incredibly proud of these significant achievements in such an extraordinary year, but none of it would have been possible without the hard work, determination and strength of Scottish Enterprise colleagues and the many businesses we had the privilege to work with.”
Ms Hanna added: “Despite the challenges presented by the pandemic and Brexit, Scotland was able to maintain solid levels of investment – which has helped sustain and create employment for many thousands of people.
“Scotland is very much open for business and we look forward to working with our communities to develop further economic opportunities throughout the year ahead.”
Projects supported by SE during 2020-21 included inward investments, new ways of working, research and development, early-stage equity funding and entrepreneurship.
Support for low carbon projects
A high proportion of the total investment was used to fund projects “that will advance the country’s low carbon economic transformation”, the quango added.
SE also highlighted its support for exporters in response to the pandemic, including through “maximising digital channels to their full effect” and delivering more than 100 trade events to nearly 5,000 people.
“Digitising export support was critical to help identify and support future trade international opportunities”, SE said, adding: “As a result, companies were able to forecast international export sales in excess of £1bn.”
£220m emergency payouts
SE also said emergency Covid funds rolled out at the onset of the pandemic saw grants worth around £220m paid out to 4,000 businesses.
Ms Hanna added: “As we fast approach the halfway point of this performance year we are seeing encouraging signs, with a continued appetite for investment.
“We can look to the future with optimism and together with businesses, industries and our partners, Scottish Enterprise is taking action together to deliver more, better jobs and places for the future that will enable shared wealth and wellbeing.”
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