The North East of Scotland is a competitive business environment with a diverse range of opportunities and a wealth of skills and knowledge across our key sectors. Our international connections work both ways and our tradition of global trade has led to an incredibly diverse community.
The North East has a population of 490,120 and regional GVA per capita and average earnings are consistently among the highest in the UK.
The Aberdeen City Region has the highest density of private sector employment in Scotland, with 22,170 private sector businesses based here. We generate 18% of Scotland’s private sector business turnover, with Aberdeen City and Aberdeenshire private businesses generating the 2nd and 4th highest turnover in Scotland.
The North East has a long and proud history in the global energy industry. While the North Sea remains a key player in the oil and gas sector, the region is also investing heavily in net zero technology, building low carbon infrastructure and supporting a just transition to net zero by reskilling and upskilling the regional workforce.
The region’s ambition and pioneering drive has opened up many opportunities across the sector. As the energy industry has evolved, the North East has developed a reliable supply chain and is now one of the most attractive locations in Europe to develop and accelerate low carbon projects and activities.
Not only is the North East a world leader in the energy sector, but it has also earned its reputation in the life sciences, food and drink, and technology and digital sectors. The region has one of the largest concentrations of life scientists in Europe and the largest biologics cluster in the UK after Cambridge.
As well as being the home of the world-renowned Aberdeen Angus cattle, Europe’s largest seafood catches are landed at Peterhead Port and Fraserburgh Harbour. The region is also home to food and drink brands enjoyed around the world, generating an estimated 20% of Scotland’s food and drink industry output.
In June 2023, the North East of Scotland was announced as one of two new Investment Zones in Scotland by the UK and Scottish Governments. The Investment Zone will boost the regional economy, stimulate business growth and create high quality jobs for local people.
As one of Scotland’s first two Investment Zones, the North East will be supported with up to £160 million in targeted investment, tax reliefs and other incentives over ten years.
Plans are currently underway for the direction of the Investment Zone and more information will be available soon.
This new Strategy captures the ambition and opportunity for North East Scotland, providing a vision and route map for the future of the North East of Scotland's economy.
Four programme areas - A thriving economy; An outstanding natural environment; A healthy and skilled population; and a strong community and cultural identity - are proposed that have been developed in response to a number of new challenges and opportunities that the North East economy faces.
