Scottish Cities Alliance

Despite a modest 4.9% dip in foreign direct investment (FDI) project numbers in 2024, Scotland has once again proven its resilience and growing appeal to global investors. According to the latest EY Scotland Attractiveness Survey, the nation secured 135 FDI projects, maintaining its decade-long status as the UK’s top FDI location outside London. This performance is particularly notable given the broader UK and European context, where overall project numbers declined more sharply.

Scotland’s share of UK FDI projects rose to 15.8% in 2024, up from 14.4% the previous year, and well above its ten-year average of 11.5%. This marks the sixth consecutive year of growth in Scotland’s share, underscoring its increasing importance in the UK’s investment landscape. The country also ranked sixth among Europe’s top FDI destinations, a testament to its international competitiveness.

Glasgow emerged as Scotland’s leading city for FDI for the first time in five years, securing 27 projects and surpassing Edinburgh, which held the top spot from 2020 to 2023. Edinburgh and Aberdeen also performed strongly, with 24 and 12 projects respectively, placing all three cities in the UK’s top 10 for FDI outside London.

Sector-wise, Scotland demonstrated a diverse and robust investment portfolio. Machinery and equipment led with 19 projects, followed by software and IT (15), and a tie between agri-food and utility supply (14 each). The country also led the UK in oil and gas FDI, as well as in utility supply, electronics, and machinery sectors. Notably, Scotland attracted a decade-high 11 financial services projects, with Edinburgh tying with Manchester as the top UK city outside London in this sector.

The United States remained Scotland’s largest source of FDI, contributing 37 projects in 2024—a 37% increase from the previous year. Over the past decade, the U.S. has been responsible for 356 FDI projects in Scotland, highlighting a strong and enduring transatlantic investment relationship.

Investor sentiment remains optimistic. The Survey, conducted in May 2025, revealed that 30% of global investors planning UK operations in the next year expect to choose Scotland—up from 25% earlier in the year. This suggests that Scotland’s appeal may be growing even amid global trade uncertainties and tariff disruptions.

With a strong foundation, a skilled workforce, and a commitment to future-proofing its infrastructure, Scotland is well-positioned to build on its success and attract even more global investment in the years ahead.

The EY UK Attractiveness Survey Scotland can be accessed in full here.