Oral Answers to Questions

Debate between Douglas Alexander and Frank McNally

Thursday 13th March 2025 Commons Chamber

[Frank McNally (Coatbridge and Bellshill) (Lab)]

18. What steps he is taking to help increase levels of international investment in Scotland.

[The Minister for Trade Policy and Economic Security (Mr Douglas Alexander)]

The Government are committed to supporting investment in Scotland in line with our growth mission. The Prime Minister recently announced that the National Wealth Fund will provide £200 million of investment in new opportunities in Grangemouth in particular. That announcement came alongside the recently announced £55 million grant for the Port of Cromarty Firth, the two investment zones receiving £80 million over the next five years and our expanded Office for Investment.

[Frank McNally]

I am grateful to my right hon. Friend for that answer. The National Wealth Fund has recently invested £43.5 million in Pulpex Ltd to construct a sustainable packaging facility near Glasgow, which is a welcome move and will support jobs and growth. What further measures are planned to attract similar green industry investments in communities such as my own in North Lanarkshire, which has Scotland’s fastest-growing economy?

[Mr Alexander]

My hon. Friend is a tireless advocate for the communities of Coatbridge and Bellshill. I can assure him that the National Wealth Fund’s strategic partnerships trial will see each local authority within the Glasgow city region, including North Lanarkshire, being invited to submit project proposals, including for projects focused on, I hesitate to say, green jobs in Coatbridge.