UK's Scotland Office to fund SCC to launch new global trade initiative
The collaboration will be supported by a grant of £100,000 ($135,650) to promote Scottish goods and services and bring foreign direct investment into Scotland, a British government release said.
The UK Scotland Office will fund the Scottish Chambers of Commerce to launch a new global trade initiative, Scottish secretary Ian Murray said. The collaboration will be backed by a $135,650 grant to promote Scottish goods and services and bring FDI into Scotland. “Boosting Scottish exports and selling the best of Scotland overseas is a key lever in delivering economic growth at home,†he said.
Murray has been working with business groups as part of his Brand Scotland programme.
For the first time in more than two years, the Scottish Business Growth Group was convened in Edinburgh on June 13, bringing the UK and Scottish governments together with business leaders to discuss how they can deliver economic growth.
The forum, jointly chaired by Murray and the Scottish government's minister for business Richard Lochhead, brought together officials from both of Scotland's governments alongside business representatives and the Scottish Trades Union Congress.
'With the UK Government committing to significant increases in defence spending, there are huge opportunities for Scottish workers and defence firms….On nuclear power, the announcement this week of UK Government investment for Sizewell in England is a reminder of the huge potential of nuclear power. Thousands of skilled jobs and billions of pounds of investment could come to Scotland, but only if both governments work in partnership with industry to unlock those opportunities,' Murray said.
'Boosting Scottish exports and selling the best of Scotland overseas is a key lever in delivering economic growth at home. Our Brand Scotland programme, boosted by £2.25 million in the Spending Review, will do just that,' he added.
Fibre2Fashion News Desk (DS)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
39 minutes ago
- Time of India
India, UK unveil road map to boost defence, tech, energy ties
India, UK unveil road map to boost defence, tech, energy ties Prime Minister Narendra Modi strongly raised issues like the need to shun double standards on terrorism, presence of Indian economic offenders in the UK and Khalistan extremism in his meeting with counterpart Keir Starmer, saying those who use democratic freedom to undermine democracy must be held accountable. Thanking Starmer for his strong condemnation of the Pahalgam terrorist attack, Modi said that the two leaders were united in their view that there can be no place for double standards in the fight against terrorism. Modi also said that Indian and British agencies would work together for the extradition of economic offenders, in what was seen as a clear message to fugitives such as Vijay Mallya, Nirav Modi, Lalit Modi and Sanjay Bhandari that government intends to get them back to face legal action in the country. Although government has got assistance, Mallya and Nirav Modi have been seeking to prolong their stay in the UK by using multiple forums for appeal. While the formalisation of India-UK free trade agreement was the highlight of Modi's visit to the UK, another significant takeaway was the launch of a Vision 2035 roadmap for boosting ties in areas like defence, technology, education, clean energy and people-to-people contacts. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo The leaders adopted a blueprint for defence industrial cooperation to promote, as the Indian government said, collaboration in co-design, co-development and co-production of defence products to meet the growing demand in both countries as well as for the world market. On the issue of Khalistan extremism, which he was expected to raise with Starmer, Modi said there was agreement between India and the UK that forces with extremist ideologies must not be allowed to misuse democratic freedoms. "Those who misuse democratic freedoms to undermine democracy itself must be held to account," said the PM, in his joint press statement with the UK PM. "On the matter of extradition of economic offenders as well, our agencies will continue to work together in close coordination and cooperation," added Modi, who sought the UK's cooperation in bringing the fugitives to justice. India and the UK also reached an agreement between the CBI and the UK's National Crime Agency to jointly fight organised crime. Foreign secretary Vikram Misri said that the leaders committed to strengthen the global fight against terrorism. "While noting that extremism and radicalisation pose threat to both societies, they agreed to further enhance bilateral cooperation to deal with the menace," said the official. Modi said that Vision 2035 will serve as a roadmap for a strong, trusted, and ambitious partnership in the areas of technology, defence, climate, education, and people-to-people connectivity. "It is our commitment that, from AI to critical minerals, semiconductors to cyber security, we shall create the future together," he said, while inviting Starmer to visit India soon. Starmer accepted the invitation. Amid concerns over the erratic US trade policies, both sides also sought to promote a fair, non-discriminatory and inclusive trading system. According to the roadmap, India and the UK reaffirmed their shared commitment to a rules-based international order and to strengthening multilateralism through meaningful reform. Importantly for India, the roadmap focuses on reform of the United Nations, including the security council, and other multilateral institutions such as the Commonwealth, WTO, WHO, IMF, and the World Bank, ensuring these bodies "reflect contemporary global realities and are equipped to address emerging challenges".
Deccan Herald
an hour ago
- Deccan Herald
How will India's auto, farm sectors benefit from UK trade deal?
The implementation will take at least six to 12 months as it needs to be approved by the British parliament. No such approval is required in India.
Time of India
2 hours ago
- Time of India
Trexit: Tariffs eliminated on 99% Indian exports to UK
Tariffs eliminated on 99% Indian exports to UK LONDON/NEW DELHI: More than three years after they began negotiations, and amid intense uncertainty in the global trade ecosystem, India and the UK finally signed a Comprehensive Economic and Trade Agreement, which slashes duties on both sides. It also makes it more predictable for investors and business workers to get visas, and allows access for audit and accounting firms in the two countries as part of efforts to more than double bilateral trade from the current $56 billion by 2030. Consumers can look forward to cheaper British-made cars, cosmetics, medical devices and Scotch, as govt has agreed to slash average tariffs from 15% to 3%. The zero duty import list also includes silver - the largest item in the UK's export basket ($2.1 billion last fiscal). But all the changes won't happen overnight, with some duty cuts planned over 10 years, allowing Indian industry time to adjust. In return, govt got the UK to allow zero duty import on 99% of product lines. "This is more than just an economic partnership; it is also a blueprint for shared prosperity. It paves the way for enhanced market access in the UK for Indian textiles, footwear, gems and jewellery, seafood, and engineering goods. It will also unlock new opportunities for India's agricultural produce and processed food industry. Above all, this agreement will be especially beneficial for India's youth, farmers, fishermen, and the MSME sector," PM Modi said. Govt has, however, managed to keep several agricultural products such as oats, apples, edible oil and sensitive seeds, as well as dairy outside the ambit of tariff reduction. "We're living through a new and more dangerous global era... we believe building stronger partnerships is the best response... today we are confirming this approach in our new deal with India - the biggest and most economically significant trade deal for the UK since leaving the EU," said British PM Keir Starmer. UK pact comes amid tariff turmoil created by Trump The India-UK trade agreement, announced on May 6, but formalised at Chequers, the official country residence of British PM, came amid tariff turmoil caused by US President Donald Trump's moves, prompting countries to not just rush to Washington to strike deals but also speed up negotiations on other treaties. India is ready to roll out treaty with European Free Trade Association, comprising Switzerland, Norway, Iceland and Liechtenstein, from Oct, while seeking to finalise the agreement with EU after 18 long years of talks. FTAs with New Zealand, Oman and several other countries are in the pipeline. But the CETA with the UK is unlikely to be implemented for at least a year as it requires British legislative approval. The pact with the UK, which was in the making for three-and-a-half years, required significant give-and-take, with India managing to keep a bilateral investment treaty out of the current deal, just as the UK did not agree to carve-outs on carbon tax for Indian products. India also claimed victory in getting a more predictable visa regime for business and professional visitors, but the bigger gain is in the form of a Double Contribution Convention, which will ensure that Indian workers in the UK for up to three years do not have to contribute to the National Insurance (NI) system there, while also seeing deductions towards Employees' Provident Fund Organisation. But it did offer some major concessions. Trade research body GTRI argued that govt's promise for "adequate remuneration" to patent holders when compulsory licensing provisions are invoked risks delays. In addition, govt opened an estimated 40,000 central contracts above a certain value to UK businesses, who would be granted local contractor status with 20% or more domestic content. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
