With the commonwealth games just around the corner, Chancellor of the Exchequer, George Osborne is trying to encourage further investment in both Scotland and the United Kingdom as a whole by using the event as a platform to highlight investment opportunities to foreign investment.
One way Mr Osborne has proceeded down this route is by announcing government investment in key areas in an attempt to encourage other investors to follow suit. The first of such moves is to announce an £18m funding injection for Science Funding in Glasgow and a new centre for business.
In his upcoming address at the University of Glasgow it is expected that Mr Osborne will tell both local and international business and political leaders that this will create around 30,000 new jobs and give an either further boost to the resurgent economy. The investments due to be detailed include:
- A £16m contribution from the British government towards the new £64m Stratified Medicine Imaging Centre of Excellence. The centre will provide life science research and innovation facilities at the New South Glasgow Hospitals Campus.
- A £1.2m contribution from the British government towards a £4m MedCity Scotland facility which aims at bringing together medical professionals, entrepreneurs and business personnel in order to create and bring new medical technology to the market.
- A £1.7m contribution from the British government towards a £4m Centre for Business Incubation, Development and Recovery in order to further create a pro-business environment.
Other funding for these projects will be provided by local partners in Glasgow, the Scottish government, Scottish Funding Council, Glasgow City Council, the University of Glasgow and the University of Strathclyde.
Scottish Finance Secretary John Swinney said:
“This funding builds not only on the £1bn of Scottish government investment in the new Southern General Hospital without which these new life sciences investments would not be possible, but also on the excellent reputation of Scotland’s universities which make Scotland the best educated country in the EU.”
Exports from Scotland to other countries in the Commonwealth (outside of the UK) amount to around £2bn per annum and by securing further investment there is a hope that this figure can be built upon further whilst investors look to get a slice of the pie for themselves.
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