The city of Glasgow in Scotland has evolved over the last 20 years and is now one of the most beautiful cities in the UK. A stylish mix of classic Victorian architecture and Charles Rennie Mackintosh buildings, Glasgow has risen above its manufacturing and trade heritage to become one of the UK’s top investment areas. The city is still immensely proud of its working-class roots, but these days, you are more likely to see fintech startups as opposed to garment factories coming to Glasgow.
A Top 20 Place
Glasgow is currently in the top 20 best performing financial services centres in Europe, and at #61 in the world. The city is a thriving economic centre of excellence and firmly committed to innovation in all sectors. Not surprisingly, despite the challenges ahead posed by Brexit, Glasgow is now one of the most attractive areas for economic investment and development. The city is a popular and increasingly competitive location for national and international businesses. City leaders are proactively focussed on creating a solid support system that facilitates investment. The signs are clear that this forward-thinking policy is already paying dividends.
EY Attractiveness Survey
In 2016, the EY Attractiveness Survey revealed that Scotland ranked third for financial services investment and Glasgow was one of the top five cities in the UK for foreign investment in this up-and-coming sector. Glasgow managed to edge into the number five position after landing 28 exciting new projects for fintech startups, forex trading platforms, and various other financial services projects. This was despite the shock result of the EU referendum, although at the time, investors were calling for greater clarity on what Brexit would mean for foreign investment.
In the same year, Genpact, a global businesses services company, announced plans to expand its European operations and establish a new centre of operations in Glasgow, which would create 300 new jobs. Irish software company, Farmflo, also opened a dedicated R&D centre in Glasgow.
“The establishment of our dedicated software development centre in Scotland is an exciting venture that allows Farmflo to tap into an excellent resource of locally-based talent,” said Farmflo’s CEO.
It’s clear that Glasgow’s talent pool and global reach continue to impress the business community.
A Prime Location
Fast-forward a year and investor interest hasn’t waned. EY survey data established Scotland as the second most popular destination for FDI projects and it is a prime location for international businesses looking to expand overseas. Scotland saw a huge 42% increase in FDI investment.
Whilst business is important, smart companies understand that employees also need some respite from the demands of a busy job. Quality of life, the cost of living, and culture are all important. The more a city has to offer, the more likely it is that large companies are going to view it as a potential investment area.
One of the Best Places to Live
Once again, Glasgow proves it’s worth in this regard. A new study commissioned by Royal Mail reveals that Glasgow is one of the best places to live and work in the UK. Glasgow ranks first for its beautiful green spaces and third for its rich cultural services – there are 60.2 libraries and 7.1 theatres per million people. Glasgow also ranks highly for educational opportunities.
A report by Colliers International reveals that Glasgow also featured in the top 20 European cities to live and work in 2017. Cities were ranked on quality of life, talent availability, location, and costs. Glasgow, along with London, Edinburgh, Birmingham, and Manchester beat numerous other European cities, even though many companies view the UK as high-risk post-Brexit.
Glasgow’s vitality is infectious and its people friendly. It’s clear that Glasgow – and Scotland in general – has a great deal to offer investors.
