Scotland - EY · PDF fileA strong year for FDI projects into Scotland EY’s European Investment Monitor (EIM) on FDI projects into Scotland in 2013 paints a picture of an economy

EY 2014 UK attractiveness surveyScotland

2014 attractiveness survey

EY’s 2014 UK attractiveness survey — Scotland, for foreign direct investments (FDI), is based on EY’s European Investment Monitor (EIM).

For further information, please visit: www.ey.com/attractiveness

1EY 2014 UK attractiveness survey

Introduction I am delighted to introduce EY’s latest annual study of foreign direct investment (FDI) into Scotland. It confirms that Scotland put in yet another very strong performance in securing FDI in 2013, attracting 8% more projects than in 2012, and once again achieving its highest number of investments since 1997. However, the rise in projects was accompanied by a decline in the number of jobs generated by FDI. This appeared to reflect a decline in manufacturing investments, which tend to generate more employment than services projects.

That said, the increase in overall projects in 2013 was a highly creditable outcome, given that it came on top of a 49% rise in 2012. This means Scotland has not only sustained its success in attracting FDI, but has also built on the progress made to date. In doing so, Scotland has consolidated its position as the UK’s biggest FDI region outside London — no mean feat given the fierce competition for projects from locations across the UK.

Whilst our figures show that Scotland is continuing to forge ahead in securing FDI, it is also clear that the country cannot afford to rest on its laurels. For example, we are more reliant than the rest of the UK on projects from existing investors (as opposed to new investors) and are continuing to lag behind in investments from India and China. But these potential opportunities for improvement are more than offset by the many positive findings in this study, such as the strong rises in software projects and research and development (R&D) investments.

Clearly, we are publishing our 2014 study of FDI at a defining moment for Scotland and the UK as a whole. As we return to solid economic growth, this report underlines the importance of FDI’s contribution to the wellbeing of the Scottish and UK economies.

Jim Bishop, Senior Partner — Scotland EY

A strong year for FDI projects into Scotland …EY’s European Investment Monitor (EIM) on FDI projects into Scotland in 2013 paints a picture of an economy whose ability to attract cross-border investments remains strong, despite the economic uncertainties at a global level and the constitutional uncertainties at a national level. There was no repeat of the near-50% surge in projects seen in 2012, which was something of an anomaly as projects rebounded from the decline seen in 2011. Instead, the year 2013 saw Scottish FDI investments return to a more modest but still robust upward trend, resulting in projects remaining at their highest level since 1997.

At a headline level, the number of FDI projects coming into Scotland in 2013 rose by 8% over 2012, with projects from the software industry and from the US leading the way. Whilst the number of reported jobs from FDI projects in Scotland fell back for the second year running from its high point in 2011, the total FDI employment figure for the year was still above its average level over the past 10 years.

… confirms Scotland’s position as the leading UK region for FDI outside LondonThe relatively positive message from the EIM FDI figures is reinforced by indications of Scotland retaining its competitive edge in securing FDI compared to most other areas of the UK. Whilst London remained the clear leader amongst the UK regions in securing projects in 2013, Scotland attracted the next largest number as it has now done for three of the past four years. This adds up to an encouraging year for Scottish FDI, one in which Scotland’s strengths in knowledge-intensive sectors — notably software — came to the fore. Software investments into Scotland leapt by 300% in 2013, leapfrogging business services to become Scotland’s biggest FDI sector.

Additionally, the international profile of Scotland is set to benefit further this year as a result of the exposure generated by the

XX Commonwealth Games in Glasgow, and the 2014 Ryder Cup at Gleneagles. As the London Olympics demonstrated, major sporting events can create a ‘halo effect’ that boosts a country’s brand as an FDI location. The regenerative power of the developments around sporting events is a further highly positive factor: the Clyde Gateway urban regeneration area around the Commonwealth Games facilities in the east end of Glasgow is proving to be an attraction for overseas investors, as evidenced by our case study of the Japanese pump manufacturer Torishima.

Challenges in a competitive world for FDIHowever, despite the generally positive tone in this year’s EIM figures, Scotland still faces challenges as the global competition for FDI continues to intensify. One factor is that, throughout the past decade, Scotland has been especially strong in attracting expansion projects from companies that have already invested in the country, but has tended to lag behind the rest of the UK — and indeed Europe in general — in terms of the proportion of its projects that it secures from first-time investors. Whilst this gap narrowed in 2013, it still exists, and we examine its implications later in this report. At root, it suggests that Scotland is doing a great job of convincing existing investors of the benefits it offers as an FDI location and securing follow-on investments from them. However, it may also point to untapped opportunities to communicate these same advantages more clearly to companies that have not yet invested here.

The ongoing battle that Scotland faces to win the hearts and minds of global investors is further underlined by the findings of EY’s UK attractiveness survey 2014 amongst 405 executives in international companies worldwide. Asked which region of the UK they regarded as the most attractive to establish operations, just 2% of the respondents cited Scotland, down from 4% in 2013 and 7% in 2012. However, Scotland is far from alone in seeing a decline in its perception rating between 2012 and 2014 with this perceived decline in attractiveness affecting other regions in the UK. The underlying cause is a shift in sentiment towards London and South-Eastern England, which may be attributed to the positive exposure generated by the London Olympics.

Case study

Torishima of Japan: tapping into the regenerative power of the Commonwealth GamesFounded in 1919 in the Japanese industrial powerhouse of Osaka, Torishima is a leading global designer and manufacturer of high-end pumps, steam and hot water boiler house systems, and related equipment. When setting up its European headquarters a few years ago as part of a worldwide expansion programme, the availability of local talent led the company to choose Coatbridge near Glasgow. It’s a choice the company is glad it made.

Last year a need arose for Torishima’s European arm to relocate from Coatbridge. In response, the company reaffirmed its commitment to Scotland by deciding to lease newly-built, high-quality premises in Clyde Gateway — the huge swathe of the former industrial east end of Glasgow, whose regeneration is being spearheaded by developments around the Commonwealth Games. What’s more, Torishima is already in negotiations over the possible purchase of a bespoke building located literally across the road from its new temporary home.

Given the nature of Torishima Europe’s business, a key consideration in choosing Clyde Gateway for its new European headquarters was the ready access it gives to the M74 and wider UK motorway network. But Gerry Clocherty, Managing Director of Torishima Service Solutions Europe Ltd, adds that other factors also came into play — reflecting the extent to which Scotland in general, and Glasgow in particular, have proved ideal for the company’s needs.

“As an inward investor in Scotland, the support that we’ve had from Scottish Enterprise has been nothing short of phenomenal,” he says. “They’ve helped us enormously across a wide range of areas — from financial to training to human resources and more. If all other companies investing in Scotland get support like this, they must be over the moon. I know I am.”

The Clyde Gateway regeneration area has at its heart the world-class sports facilities built for the 2014 Commonwealth

Games — including the Emirates Arena, the Sir Chris Hoy Velodrome and the Athletes’ Village, site of 700 new homes. By relocating to Clyde Gateway, Torishima Europe has not only gained a position at the centre of a resurgent local community, but has also added still further to the support it receives.

“Clyde Gateway can give us additional help above and beyond what we get from Scottish Enterprise,” comments Mr Clocherty.

“This includes things like infrastructure support, such as upgrading power supplies to meet industrial requirements, as well as further financial support, assistance with personnel, and so on. In combination, the package we get through Scottish Enterprise and Clyde Gateway is superb.”

Securing the new headquarters of Torishima Europe is just the latest in a series of successes for Clyde Gateway — a track record that saw the urban regeneration company (URC) behind the project win the UK-wide Regeneration category at the 2013 RICS Awards. This accolade reflected the fact that the company is not only driving an economic and physical transformation by reviving and revitalising the area’s former industrial heritage but is also putting social change at the centre of everything it does, with local people sharing in the benefits.

Whilst Torishima is currently focusing on relocating its existing 43-strong workforce to the area, Clyde Gateway Regeneration is poised to help it access local talent as its business and skills needs grow. Fionna Kell, Senior Manager for Inward Investment with Clyde Gateway, comments: “We work with all businesses coming into the area to understand their recruitment needs, and to put in place training programmes to help re-skill local people to meet those needs — all the way from apprentices to fully-qualified engineers. When Torishima needs this support, we’ll be ready.”

So, in Gerry Clocherty’s view, what more could Scotland do to encourage FDI from businesses like his? “I think they’re doing a lot of what’s needed already,” he says. “Scottish Enterprise and Clyde Gateway just need to continue what they’re doing — and businesses will keep deciding to come here.”

4 EY 2014 UK attractiveness survey

A 16-year high for Scottish projects …Turning back to the headline figures, the EIM shows that the number of FDI projects recorded in Scotland in 2013 rose by 8% over 2012 to reach 82. This represented the highest number of investments secured by the country for 16 years, falling just six projects short of the record number of 88 recorded in 1997. This increase compares with a rise of 15% for the UK as a whole over the same period, with the result that Scotland’s market share of all UK FDI projects fell slightly to 10.2% from 10.9% in 2012.

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Graph 1: Total FDI projects secured by Scotland and Scottish market share within the UK

Source: EY’s European Investment Monitor 2014


… but FDI job numbers fall for the second consecutive year Despite the rise in total Scottish projects, the number of jobs reported as being generated by FDI projects in 2013 fell back from its 2012 level, the second successive decline. On the basis of reported employment from FDI, the new jobs created by FDI in Scotland in 2013 declined by 14% to 4,165, some 30% lower than the high point recorded in 2011. The fact that project numbers

Similarly, contrasting trends in project numbers and jobs were observed across the UK as a whole, with total UK projects rising by 14.6%, but recorded employment generation falling by almost 8% from 2012 to just under 28,000. As a result, Scotland’s market share of UK FDI employment in 2013 fell to 15% from 18% in 2012. However, more positively, the 2013 figure of 15% was still above Scotland’s average market share over the past decade of 13.7%. Also, the total of 4,165 new FDI jobs in 2013 is higher than the average annual employment level secured by Scotland during the same period, at 3,702 jobs.

Graph 2: Total FDI employment secured by Scotland and Scotland’s market share within the UK

and jobs moved in opposite directions in 2013 reflects the fact that job numbers are influenced by the mix of sectors in which FDI takes place as well as average project size. In 2013 there was a shift away from manufacturing projects — which tend to generate more jobs — and towards activities such as research and development (R&D). There were also fewer very large projects in employment terms than in some previous years.


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Graph 4: Total FDI employment recorded by UK regional inward investment bodies, 2004–13

UK regional rankings: Scotland continues to strengthen its competitive position Out of the 11 regions of the UK outside London, Scotland has consistently secured enough projects to rank in the top five areas in every year since EIM records began in 1997. In recent years that position has strengthened further, with Scotland ranking in the top two UK regions outside London for FDI in each year since 2006. In 2013, Scotland was the top-ranked region for projects outside London for the third time in the past four years.

Graph 3: Scotland’s ranking amongst UK regions outside London in both FDI project numbers and employment, 2004–13

This sustained strong and improving performance means Scottish Enterprise ranks second in the UK behind London & Partners in terms of regional FDI job generation over the past decade. This achievement reflects both large service sector investments — including call centres, financial back office and shared service centres — and manufacturing projects.

Furthermore, a comparison of the EIM figures over time appears to support the view that Scotland is improving its competitive position. In 2013 Scotland extended its lead over its closest rival, recording 74% more projects than South-Eastern England, the second-ranked region outside London. This margin was almost double the size of that recorded in 2012, when Scotland secured 38% more projects than South-Eastern England.


Origins of investment into Scotland: the US retains its leadSince the EIM began in 1997, the US has always been the largest investor into Scotland — and 2013 was no exception. During the year, the US was the source of 39.5% of all FDI projects for the Scottish economy, a figure that was approximately in line with the US’s percentage market of Scottish projects throughout the past decade.

A closer analysis of the EIM figures during that period indicates that Scotland has actually been more reliant on US FDI than the UK as a whole. Scotland has also been more successful than the UK in general in securing French, Norwegian, Swedish, Canadian and Irish investments. However, the figures also suggest that Scotland has not kept pace with the UK as a whole in securing investment from the emerging economies of India and China, and does less well in securing investment from Germany.

USA

France

AustraliaGermany

Canada

India

Japan

Other

Graph 5: 2013 FDI projects secured by Scotland by country of origin


Table 1: Leading countries of origin for FDI projects 2004–13 — Scotland and entire UK


Scotland UK

Market share % Market share %

USA 39.5 USA 38.7

France 8.2 Germany 6.8

Germany 6.6 France 5.8

Japan 5.2 India 5.4

Norway 4.9 Japan 5.3

India 3.3 Australia 3.3

Canada 3.0 China 3.3

Ireland 2.8 Canada 3.2

Netherlands 2.6 Ireland 2.7

Sweden 2.5 Netherlands 2.6


Glasgow

Edinburgh

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LivingstonDundee

Other

Business services

Software

Financialintermediation

Machinery andequipmentOther

transportservices

ElectricalElectronics

Pharmaceuticals

Telecommunicationsand post

Other

Software

Business services

ElectronicsFinancialintermediation

Machinery andequipment

Scientific research

Retail

Pharmaceuticals Other

Graph 6: Location of projects in Scotland 2004–13

Graph 7: Sectors attracted by Glasgow: number of projects 2004–13

Graph 8: Sectors attracted by Edinburgh: number of projects 2004–13




Location of projects in Scotland: a relatively broad spread Looking at the locations where investments in Scotland have been made during the past decade, the EIM figures show a widespread distribution of projects across the country. Glasgow and Edinburgh emerge as the most successful locations in attracting projects, accounting between them for 38% of all investments in Scotland over that period. This contrasts with England, where 48% of projects have been located in London — a far higher degree of concentration.

Whilst England does benefit from London’s status as Europe’s leading city for FDI, the heavy bias towards London in England’s FDI flow tends to mean its other regions get overshadowed, especially in the eyes of companies that have yet to invest there. In contrast, Scotland has a more even spread of project locations across different regions of the country.

A comparison of the sectors in which FDI projects have been secured by Glasgow and Edinburgh over the past decade provides some interesting insights into the respective strengths of the two centres as locations for inward investment. Whilst Glasgow’s biggest FDI sector is business services, perhaps reflecting its good transport links to the rest of the UK, Edinburgh’s top sector is software, reflecting its strong base in that industry. The dominance of services sector FDI in both locations underlines the extent to which large service sector projects influence the FDI employment numbers in Scotland. Aberdeen’s projects are led by machinery and equipment, reflecting its strong oil, gas and engineering focus.


Oil and gas

Business services


Software

Construction

Other

Software

Business services


Electrical

Electronics

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Pharmaceuticals

Food

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Graph 9: Sectors attracted by Aberdeen: number of projects 2004–13

Graph 10: 2013 Scottish FDI projects secured by sector



Sectors generating Scottish FDI in 2013: software surges into top placeLooking nationally at the sectors generating FDI into Scotland in 2013, one of the most striking findings in the EIM figures is the strong rise in software projects. Investments from this sector leapt by 300% from their level in 2012 to seize first place with 22% of the overall total number of Scottish projects. In doing this, software leapfrogged both business services and machinery and equipment, which were both ahead of it in terms of projects in 2012. A similar — albeit less dramatic — rise in software projects was seen at a UK-wide and European level in 2013, making it the sector that generated the most investments both for the UK and Europe as a whole.

The same two sectors — software and business services — topped the FDI sector rankings both in Scotland and the UK as a whole in 2013. However, Scotland was marginally less dependent on these sectors, which together accounted for only 37% of projects in Scotland against 40% for the entire UK. Interestingly, Scotland secured only 1% of its FDI projects from the financial services industry in 2013. This compares with a high point of 16% in 2006, and with a figure of 4% of all projects in the UK as a whole in 2013 originating from the financial services sector.

A comparison between the FDI sectors attracted by Scotland, the UK and Europe as a whole in the past decade provides some interesting insights. Scotland is unusual in that software is outside its top two sectors generating investment over the past 10 years — although this situation changed in 2013, when software projects rose strongly to take first position. A further differentiating factor is that machinery and equipment is Scotland’s second most successful FDI sector with a 10% share of total projects, much higher than in the UK as a whole and Europe. Scotland also has a relatively high proportion of its projects in electronics, pharmaceuticals and scientific research, underlining its strengths in advanced technologies.


Sales andmarketing

Research anddevelopment

Manufacturing

Contactcentre

Testing andservicing

Logistics Headquarters

Graph 11: 2013 FDI projects into Scotland by activity


Table 2: Projects attracted by Scotland, the UK and Europe 2004–13, broken down by sector


Scotland UK Europe

Rank Sector % Sector % Sector %

1 Business services 13.1 Software 19.8 Business services 13.6

2 Machinery and equipment 10.3 Business services 18.7 Software 11.4

3 Software 9.3 Financial intermediation 5.8 Machinery and equipment 6.7

4 Electronics 8.4 Machinery and equipment 5.6 Electronics 5.4

5 Pharmaceuticals 6.1 Electronics 5.3 Financial intermediation 4.7

6 Food 5.4 Pharmaceuticals 3.3 Other transport services 4.6

7 Oil and gas 5.4 Food 3.2 Automotive components 4.5

8 Financial intermediation 4.9 Other transport services 2.4 Food 4.2

9 Scientific research 3.6 Publishing 2.3 Chemicals 4.1

10 Chemicals 3.1 Automotive components 2.2 Pharmaceuticals 3.4

Activities: manufacturing projects dip — but research and development picks upIn terms of the areas of activity in which Scotland won FDI projects in 2013, the EIM figures show that it secured 18% of its investments from manufacturing. Whilst this was narrowly ahead of the UK-wide figure of 16%, it represented a significant decline in manufacturing’s market share from 2012, when it accounted for 32% of Scotland’s projects. The proportion in 2013 was also well below Scotland’s 10-year average for manufacturing projects’ share of total investments of 26%.


However, the declining proportion of FDI projects from manufacturing was partly offset by a rise in the percentage focused on research and development (R&D). This increase in R&D investments, combined with the surge in software projects, appears to bode well for Scotland’s role and position in the global knowledge economy of the future. Furthermore, the proportion of R&D projects in Scotland was well ahead of the percentage for the UK as a whole, supporting the view that Scotland is able to punch above its weight in science and technology.

Contact centre

Education andtraining

Headquarters

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Graph 12: 2013 FDI projects into UK by activity


An analysis of FDI employment creation in Scotland in 2013 by activity shows contact centre investments generated the most jobs, followed by sales and marketing and R&D projects. Manufacturing FDI created less than half as many jobs as contact centres. These figures suggest that, to secure large employment creation from FDI, Scotland needs to continue to attract the type of large service sector projects that Glasgow, Edinburgh and other Central Belt satellite locations have been successful in securing to date.

Table 3: FDI employment creation in Scotland by activity, 2013


2013

Contact Centre 1,195

Sales and Marketing 907

Research and Development 859

Testing and Servicing 636

Manufacturing 521

Headquarters 47

Grand Total 4,165

Challenges to tackle: the ongoing battle to win hearts and minds … An interesting light is cast on the 2013 EIM FDI statistics by the findings from EY’s Perception Survey in the UK attractiveness survey 2014. This annual study involved interviews with 405 executives across the world in companies that have invested — or could invest — in the UK in general and/or Scotland in particular, with a view to gauging their perceptions of the relative merits and attractiveness of different FDI locations.

Despite Scotland’s strong FDI performance in 2013, the findings of the 2014 attractiveness study provide some sobering reading. As Graph 13 shows, just 2% of the respondents cited Scotland as the most attractive UK region in which to establish operations, down from 4% in 2013 and 7% in the 2012. However, Scotland is far from alone in seeing a decline in its perception rating between 2012 and 2014. The underlying cause is a shift in sentiment towards London and South-Eastern England, with the proportion of respondents citing London as the most attractive region of the UK surging from 35% in 2012 to 46% in 2014, and the South East up from 12% to 16% in the same period.

These increases have inevitably come at the expense of Scotland and other UK regions, with — for example — the West Midlands seeing its score decline from 11% in 2012 to 6% in 2014, the North East down from 10% to 5%, the North West from 9% to 3%, and the East Midlands from 9% to 2%. As such figures highlight, the decline in Scotland’s rating appears to result more from a wider shift in global perceptions towards London — perhaps influenced by the 2012 Olympics — than any decline in Scotland’s true attractiveness to inward investors. Such an interpretation is certainly supported by Scotland’s continuing strength in attracting FDI.


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Graph 13: Which region in the UK do you see as the most attractive to establish operations?

Graph 14: New vs. expansion projects in Scotland, 2004–13 and in 2013

Graph 15: New vs. expansion projects in the UK as a whole, 2004–13 and in 2013




That said, since perceptions have shifted elsewhere, it would be good for Scotland to redress the balance. The implication is that if Scotland is to sustain its impressive track record in securing FDI projects into the future, the country must maintain and even increase its efforts to sell its advantages to global investors. The good news is that Scotland’s strong FDI performance in 2013, coupled with opportunities for profile building, such as the Commonwealth Games and the Ryder Cup, provide good ammunition to do this.

… especially amongst companies that have yet to invest hereA further issue for Scotland to examine in the FDI domain is the relatively low proportion of Scottish FDI projects originating from new, first-time investors in the country. Over the past 10 years, the UK as a whole has — on average — secured 27% of its annual investments from expansion projects involving companies that have already invested in the country, and the remaining 73% from new investors. In contrast, Scotland on average has an almost even split, with 49% of projects being from existing investors and 51% from new investors.

This pattern moderated slightly in 2013, with 69% of projects for the UK as a whole being first-time investments, against 56% in Scotland. However, the 10-year EIM figures confirm that Scotland is relatively unusual compared to other destinations across Europe in that it has regularly recorded more than 50% of its projects from reinvestments — an outcome that occurred in five of the past 10 years.

The difference between the Scotland and the UK figures could partly be the result of a skewing effect from new sales offices locating in London. In addition, Scottish Enterprise places great emphasis on account management and seeking to gain business expansion projects. However, it does appear that Scotland may have an opportunity to improve its already impressive FDI performance still further by supplementing its strong flow of expansion projects with a higher number of new investments.


High-performance teams delivering

exceptional results

At EY, we recognise that when talented and engaged people are brought together into high-performing teams, the results can be exceptional. In sport, as in business, success can be achieved when teamwork and pride take precedence over personal achievement and where individual success is only possible when supported by an equally driven and talented team. Along with meticulous preparation we know that great performance is easier with the right people behind you — ensuring you compete at your very best.

The Commonwealth Games

We are proud to be the Official Professional Advisor to the Glasgow 2014 Commonwealth Games. The Games is a great international sporting spectacle, and we are delighted to play our part in planning for its lasting legacy. The Games will see over 6,500 athletes, officials from 17 sports, and over one million ticket holders converge on 14 venues and three precincts over 11 days of competition, making it the largest multi-sport event ever to be held in Scotland, and one of the largest in the UK. With competitors from across the diverse Commonwealth nations, it will be an international event watched by over one billion people around the world.

As Official Professional Advisor, we are working with Glasgow 2014 to tackle the many complex financial, logistical and organisational challenges of staging the Games. We are providing world-class professional services support, including tax advice, internal audit, and advisory services, to help deliver Glasgow 2014’s vision of an outstanding, athlete-centred, sports-focused Commonwealth Games. But the Games are so much more than a great sporting contest. They will have a profound impact on the local economy and society, from new jobs and skills, to whole area regeneration. And they will be an international showcase for the UK’s cultural, sporting and business vitality, creating new contacts and conversations across the Commonwealth.

As a sponsor, we are excited about the many opportunities to involve our clients, our employees and local communities in the Games experience.

The Ryder Cup

EY’s sponsorship of The Ryder Cup reflects our commitment to exceptional performance delivered by high-performing teams and inspirational leaders.

Elite golfers mostly perform in individual competitions. The highest-profile exception is The Ryder Cup — golf’s premier team event, and a highlight in the world sporting calendar. Every two years, the 12 best golfers in the United States compete against their counterparts from Europe for a trophy named after the competition’s founder, British businessman Sam Ryder.

At The Ryder Cup, the result is not just determined by who has the better golfers. The difference between victory and defeat can come down to who has blended the diverse talents and personalities of 12 elite individuals into the best unit; who has created the highest-performing team.

In a very short space of time, and under intense scrutiny, the Team Captain has to choose the players, assess how they interact and work out how best to motivate each individual. And the European Captain faces the added challenge of combining players from different countries with distinct cultures into a coherent team unit. It is a very public, high-profile test of leadership.

EY is proud to be an official partner of The 2014 Ryder Cup. We look forward to being at the event in Gleneagles, Scotland, to lend support.

http://www.ey.com/UK/en/About-us/Our-sponsorships-and-programs/Glasgow-2014-Commonwealth-Games_Our-role

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Scotland - EY · PDF fileA strong year for FDI projects into Scotland EY’s European Investment Monitor (EIM) on FDI projects into Scotland in 2013 paints a picture of an economy