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Over 5,000 New Jobs Predicted For Food-and-Drink Sector In Five Years

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Over 5,000 New Jobs Predicted For Food-and-Drink Sector In Five Years

October 21
20:07 2013
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The Bank of Scotland report, An Appetite for Growth: Ambition and Opportunity for Scotland’s food and drink industry, which launched today, surveyed a broad cross section of over 100 Scottish food and drink businesses with an estimated aggregate turnover of £6bn.

Two-thirds of companies surveyed also expect to increase their workforce in the next five years as the sector continues to look to outpace the wider economy.

Alasdair Gardner, Managing Director of Commercial Banking at Bank of Scotland said: ‘If these findings were replicated across the wider food-and-drink production sector, it could mean more than 5,600 additional jobs will be created.

‘This is our second annual market survey on Scotland’s food-and-drink sector, and I’m delighted to see that overall confidence levels remain high and the sector is pushing ahead delivering record growth.’

Trade body Scotland Food & Drink has set ambitious targets for the industry to achieve a value of £12.5 billion by 2017. Chief executive James Withers argues the outlook for the industry has never been better:

‘This has been Scotland’s best-performing domestic sector in the past five years, and its fastest growing export sector,’ he explained. ‘Ambitious sales and export targets are in place for 2017, but the rapid progress so far means we are having to upscale our ambitions..

‘The hosting of the Glasgow 2014 Commonwealth Games, the Ryder Cup and second Scottish Homecoming next year will provide an unprecedented opportunity for the industry to play to its strengths.’

Other findings from the research included:

  • Exporting and new product development are expected to be the key drivers for growth in the sector; over 40% of firms are planning on expanding their exports
  • Almost two-thirds of companies named the Far East/Asia as their key area of focus, replacing Western Europe at the top of the list of target markets. The rapid emergence of countries such as Brazil was also underlined with a 20% increase on last year’s report in the proportion of companies looking at South America
  • The biggest area of concern for the sector continues to be the cost and volatility of raw materials, cited by almost two thirds of respondents amid greater competition for resources and the threat of poor harvests caused by extreme weather.

 

 

 

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New research by Bank of Scotland reveals that the £12bn Scottish food-and-drink industry could create up to 5,600 jobs as it targets new export markets over the next five years…

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