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Ministerial Foreword - First Minister of Scotland
Scotland: providing the best environment for success
Financial services is a real Scottish success story. It is one of Scotland's oldest industries, and yet one of our most modern, vibrant and innovative.
Today, the financial services industry makes a vital contribution to the strength of Scotland's economy, to our quality of life and to our growing international reputation as a world class location for business. Almost one out of every 20 jobs in Scotland is directly accounted for by the financial services industry - and the industry has grown by more than 35% in the past five years. Glasgow in particular has seen significant investment in its International Financial Services District.
This is a stunning record of success, and a real tribute to Scotland's leading companies and to those working in the industry. However, such success can never be taken for granted.
Last year, the Strategy for the Financial Services Industry in Scotland set out an ambitious vision for an innovative, competitive and thriving financial services industry, backed by world class infrastructure and universally acknowledged as a leader on the global stage.
One year on, these ambitions are within our sights.
Efforts have been stepped up to maintain a supply of people with precisely the right skills for the industry. Financial services is one of the new key priority sectors for Scottish Enterprise. Meanwhile, the introduction of new, innovative qualifications like the Chartered Institute of Bankers In Scotland's Chartered Banker qualification, is ensuring that those in financial services have the backing of a 21st century professional framework.
Elsewhere, Scotland's connectivity with the rest of the world has been dramatically improved by supporting new international air routes. Business Rates poundage has been reduced to create new incentives for business and we have built upon the groundbreaking partnership between businesses, the trade unions and the public sector.
There is much more to do however. That's why we will continue to work with the industry to provide the support it needs to expand and enter into new markets. And why we will ensure that Scotland continues to offer the highly skilled workforce, the infrastructure and the competitive business environment that the industry depends on to thrive.
As Chair of the Financial Services Advisory Board ( FiSAB), I am thoroughly committed to driving the Strategy forward. I know that all those involved in FiSAB and the Financial Services Implementation Group share those ambitions and will be equally determined to deliver success. There is no doubt that, by working together, we can ensure that Scotland is home to one of the most vibrant - and profitable - financial services industries in the world.
The Right Honourable Jack McConnell MSP, First Minister of Scotland
Industry Foreword - John Campbell
Scotland: taking the lead in financial services
Scotland has a long and successful history in financial services. Today it competes for investment with other financial services centres around the world and must continue to enhance the quality of environment it offers to the industry to maintain its strong track record of success and growth.
From the industry's perspective, all financial services organisations must ensure the best return on their investment and locate where they can be assured of the quality of people, skills, infrastructure and business environment they need to compete successfully for the long term.
Government and the financial services industry in Scotland have taken the lead in creating a unique partnership to ensure Scotland continues to prosper as a prominent international financial services centre. Together with the key public sector bodies and trade unions, we are delivering a strategy focussed on developing and maintaining in Scotland the exemplary business environment necessary for companies to thrive in the global financial services marketplace.
Scotland has been known as an important centre of financial services innovation and expertise for over 300 years and this initiative is helping to ensure its track record goes from strength to strength. It is also helping to ensure Scotland continues to benefit from the substantial contribution the industry makes to the life and economy of this country, not least through the many people we employ, the suppliers we engage, the activities we support, and our global reach.
Scottish Financial Enterprise, on behalf of Scotland's international financial services industry, is very pleased to be working with the Scottish Executive and the other partner organisations and individuals involved. We value the public sector's strong commitment to engaging with us and supporting our aims.
The first year of our joint initiative has seen real progress in areas vital to the industry such as improvements to transport and communications infrastructure, skills development and supply, and the cost and ease of doing business from Scotland. Important foundations have been laid on which we will now build further, working together to the advantage of the financial services industry and the economy of Scotland.
John Campbell, FiSAB Industry Deputy Chair (and Chairman, Scottish Financial Enterprise and Managing Director, State Street Corporation)
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