A stimulus package of support to boost the international profile of Scotland’s food and drink industry has been unveiled, which claims to help manufacturers reap the benefits of changing currency fluctuations.
The Scottish government claims that the package will deliver financial return for more than 100 firms. The investment, which includes spending £1.8M a year on trade advisors to help Scottish companies break into international markets, will help the government with its aim to grow the value of the industry to £10bn by 2017.
The package will also provide trade delegations overseas for over 100 Scottish companies. It will also fund an international exhibition for Scottish companies in the UK and a forum on March 25, examining ways of improving links between food producers and retailers.
“Investing in this vital sector and helping it reach into new markets abroad will strengthen businesses and safeguard jobs,” said rural affairs secretary Richard Lochhead.
“Support will be provided to over 100 companies at more than 12 events over the coming year, helping to consolidate Scotland’s position as a nation of food and drink. It is estimated the promotional activity will deliver £60M in sales, giving a huge boost to our food and drink sector.”
Paul McLaughlin, Scotland Food and Drink chief executive, said the announcement offered a means for manufacturers to tap into lucrative export markets. “It is our mutual goal to ensure the industry is equipped to identify prospects both within the UK and in emerging markets as well as opportunities arising as a result of fluctuating currencies.”
Flora McLean, director of the Scottish Food and Drink Federation, added: “A successful food and drink manufacturing industry is vital to the Scottish economy. We welcome the government’s recognition of the importance of this sector through investment in its success in both domestic and international markets.”