This item was published during the term of a previous administration that ended in April 2007
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Royal Bank profits to be applauded
24/02/2004
Scotland must guard against a fear of success, Enterprise Minister Jim Wallace told a business audience in Edinburgh tonight.
Following the announcement last week of record profits by the Royal Bank of Scotland, Mr Wallace will point to the 'striking illogicality' of those who want to see our economy grow but are uneasy with a Scottish company doing exceptionally well.
At the Scottish North American Business Council, the Minister said:
"I have said before that we must do more to generate an entrepreneurial culture in Scotland and to overcome a fear of failure. It is also the case however that we must guard against a fear of success.
"The news last week that the Royal Bank of Scotland had produced record profits caused much consternation in some quarters. I think we need to take a step back and ask ourselves if it is a good thing for this country that one of our largest banks is doing very well?
"The Executive is clear that economic growth is our top priority. It is a goal that most people share. There is a striking illogicality if you share our desire to see Scotland's economy grow but become very uneasy to learn that a Scottish company is doing exceptionally well.
"In this country we are often too quick to criticise and too slow to praise. For the record, well done to RBS. I hope that I will be able to congratulate many other Scottish firms in the course of 2004."
The SNABC was founded in 1999, with the aim of strengthening and promoting bilateral investment and trade between North America and Scotland.
Mr Wallace made it clear that the strength of Scotland's financial services sector is one of the key areas we focus on when it comes to trying to do more business in North America.
He said:
"It will be no surprise to you that Scottish Development International focuses the majority of its efforts in two main areas. Sectors where we know Scotland has world-class technology strengths, including life sciences, advanced electronics and creative industries; and some of Scotland's most important mature industries like food & drink, energy and financial services.
"Looking to the future, SDI will continue to scan global markets and pinpoint market leading companies that Scottish businesses should be targeting - including looking at the wider opportunities in the American continent.
"Where these firms are existing investors in Scotland, SDI will work to help them diversify and increase their high-value activities.
"And for high potential Scottish-based firms, SDI will have an increasing focus on helping them deepen their international links over the long term, to help create and sustain more truly international companies headquartered here in Scotland."