The thing which jumped out immediately on looking at EY’s latest foreign direct investment survey for Scotland was a 20% fall in the number of projects won.

However, digging deeper into the numbers in this closely watched survey published this week, there were plenty of reasons not to be disheartened.

The perceptions of Scotland from overseas companies - which have their scorecards covering various key features of potential investment destinations – constitute an important objective assessment of the nation as a place in which to do business.

This is in stark contrast to that element of chatter domestically about Scotland’s business environment that is fuelled by people’s personal political beliefs and is often no more than tittle-tattle with absolutely nothing to back up these amateur opinions.

And, while those who seem to delight in talking Scotland down might be inclined to get excited about the fall in the number of foreign direct investment (FDI) projects won by the nation in 2025 from overseas players , we should look at the overall picture in EY’s latest attractiveness survey.

The report shows Scotland retained its position as the UK's leading destination for inward investment outside London, in spite of the fall in the number of projects won last year.

And, what is more, the nation’s attractiveness rating hit a record high. That might come as a surprise to people who, for political reasons, like to portray Scotland as a basket case to anyone who will listen.

Scotland secured 108 FDI projects in 2025, down 20% from 135 in the previous year, EY’s survey shows.

For context, it is worth noting that the figure of 135 was the second-highest annual total on record, albeit down from the record of 142 in 2023 with project numbers having now fallen for two consecutive years.

EY noted that FDI project numbers in the UK, excluding London, fell 23% last year.

So the drop in the number of projects in Scotland in 2025 was less steep than that for the UK excluding London.

The UK capital was the only part of England to........

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