The Scottish Government will provide £24.5 million to secure the investment of a Japanese firm in a Highland cable factory, the Wellbeing Economy Secretary has announced.
In her first speech since taking over the brief, Mairi McAllan confirmed the funding as she addressed an event in Edinburgh on Friday.
Planning permission for the factory at the Port of Nigg in Easter Ross was approved by Highland Council earlier this year after proposals were submitted by Sumitomo Electric Industries.
First Minister Humza Yousaf described the plans – which it is believed will create 330 jobs and £350 million of inward investment – as “great news” for the Scottish economy.
Posting on X on Friday, he added: “Japanese company Sumitomo has agreed to build a power cable factory in Scotland.
“The estimated £350m investment will create 330 jobs in Scotland, with around 265 in Highlands & Islands. Scotland’s green revolution is vital to our economic success.”
In her speech, Ms McAllan said: “The future of the global economy is green, and I think it’s my job and our job collectively to make sure that Scotland can derive the greatest possible benefit from that future.
“Our Green Industrial Strategy will be a key tool in helping business and investors realise the enormous opportunities ahead.
“While the economic opportunities of net zero are huge, they are far from the only game in town.”
The minister went on to announce the creation of a “Techscaler hub” in the US, which will link start-ups in Scotland with Silicon Valley.
The project will provide office space for 12 fledgling firms in San Francisco, California.
She said: “Today I am announcing a pilot Techscaler hub in Silicon Valley to help promising start-ups from Scotland in areas from health technology to space, build contacts with international investors and customers.
“My commitment is to take an approach across the whole of Government to actively listen, engage and communicate – to help achieve business success and in turn Scotland’s economic success.”