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Lord Macdonald opens European Investment Congress
26/10/1998
An international investment congress being held in Edinburgh presents Scottish companies with "an innovative means of attracting new business opportunities and reinforces Scotland's reputation as a major financial centre", Scottish Business and Industry Minister Lord Macdonald said today.
Welcoming senior executives from continental Europe, the United States, and further afield to the European Investment Congress Lord Macdonald said:
"The Congress, the first of its kind in Europe, brings senior executives together with investors from throughout the world. It provides an innovative means of attracting new business opportunities and reinforces Scotland's reputation as a major financial centre.
"For the first time in Europe almost 50 of the biggest companies have the opportunity to speak directly to the investment community about their current and future plans at a time when investment patterns are shifting"
"Scotland has a long and honourable history in financial services which are also an important employer with over 75,000 people working in the sector. There are major banks, life assurance companies, investment managers, consultancy and accountancy firms and much more besides. With a total of over £200 billion of funds under management, Scotland ranks as the fifth largest investment centre in the European Union."
"Scotland also has a long history of financial enterprise and innovation. More recently we have been innovative in path-breaking ventures in bancassurance, supermarket banking, credit card services, and, in the business area, management buyouts and PFI initiatives. All of this recent innovation has provided models for much of Europe. This is a tribute to the skill and expertise of Scotland's financial services industry. I hope that this spirit of innovation is continued during the Congress. Indeed, what better reason for a Congress than to generate such opportunities"
BACKGROUND
1. The European Investment Congress is being organised by Scottish Financial Enterprise, the private sector body formed by the financial community in Scotland to promote and represent its interests. The Congress will take place at the Edinburgh International Conference Centre from 26-28 October.
2. The Congress, based on a successful US model, has been established to provide investors from around the globe with an opportunity to hear from senior representatives of some of Europe's most prestigious companies. The Congress will receive presentations from senior executives of over 40 of Europe's top companies. Over 250 delegates from the UK, continental Europe and elsewhere are expected to attend the Congress.
3. Scotland is a key financial centre. Scotland ranks as the fifth largest equity management centre in the EU, behind London, Paris, Frankfurt and the Netherlands. Funds under management by the Scottish Financial sector stood at £208 billion at June 1998, a growth of 3.6 per cent on the previous quarter.
4. Lord Macdonald will host a reception in honour of the Congress at Edinburgh Castle on the evening of Monday 26 October. It will be attended by 200 guests drawn from the presenting companies, delegates, the Conference organisers and sponsors.
News Release: 2177/98
26 October, 1998