Kate Forbes's economic plan will put us on a road to prosperity

But what she has produced through consultation with a wide range of stakeholders and business leaders is a positive, wide-reaching and credible action plan to set Scotland on the road to recovery, prosperity and equal opportunity in this most pivotal of decades. Against a backdrop of a global pandemic, Brexit, the huge challenges of climate change, an epic energy crisis and now the unpredictability and horror of war, the 2020s will mark major turning and tipping points for our nation on the world stage to which our response must be big and bold ... even without all the benefits of currently being an independent country.

It is vital that this ambition translates into boots on the ground action. This new strategy contains many of the elements necessary for leading this transformative change with its focus on education and skills, new talent, retaining existing expertise, investment in innovation, supporting entrepreneurialism, productivity and opportunity to name but a few. It’s a plan designed for devolution with all its current pathetic confines, with scope for even more far-reaching potential in an independent Scotland when we would have a lot more say over still critical sectors such as oil and gas, its production, stewardship, transition and revenues.

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I hope that critics can get on board, rather than be left behind, or worse, stifle success. There’s room for constructive involvement in moving forward and ensuring that targets and delivery ambitions are met and even exceeded. There’s room for a more inclusive role for the public sector as well as crucial community and citizen involvement. Every poll and citizen assembly that has taken place both in Scotland and the UK has called for local solutions to be embedded in change with strong leadership at the governmental level - now we have the chance to act on this call to make economic transformation a truly “collective national endeavour”.

In order for this to happen effectively, we need more autonomy locally and not more centralisation as anyone in the Highlands and Islands or in Dumfries and Galloway for instance will tell you. Much of this bid for transformation will require a mission orientated approach with hugely important roles for directed private and public investment and collaboration on large, definable projects across sectors, with Scots sharing the risks and rewards inherent in an ambitious and ground-breaking ‘Moonshot’ approach. The Scottish National Investment Bank needs to be tooled up in readiness; I hope there are plans afoot to increase its meagre financial pot and start investing in some really exciting and dynamic projects.

I was surprised to read that Scottish Businessman, Tom Hunter, had made a “withering” analysis of the new strategy (not his words). Last year, the Hunter Foundation published a report entitled "Raising Scotland’s Economic Growth Rate" with a focus on collaboration and debate to shape radical policy shifts for transformational growth. Elements of this report match the Cabinet Secretary’s ambitions in her new strategy, not least the call to address Scotland’s skills shortage to ensure we’re equipping our young people with an education that can lead to business success while making space for lifelong learning and an appreciation of existing expertise. The Hunter report also pushes for a clear industrial strategy with a focus on our renewable potential, comparing Scotland’s opportunity in this area to a “Silicon Valley’ moment in our national story.

The 10-year strategy mirrors this focus to make the most of new market opportunities such as hydrogen and other renewables. A well-rounded and informed industrial strategy would help address the productivity issue, along with the supply chain and manufacturing improvements we need in order to create good new jobs so that Scots across the nation can benefit from our abundant natural potential. We need only look to our Nordic neighbours for blueprints for success in this sector where vital industry partnerships, cluster initiatives, bold public investment, dynamic leadership and vision pushes innovation, celebrates high-risk ventures and strives for first-mover advantage in the race to reduce emissions.

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There is a lot of synergy between this plan for economic transformation and recent analysis in the Scottish business and financial community which reflects a strong desire to support our entrepreneurial potential to move start-ups to scale ups and on to unicorns. The word “eco-system” is central to this, something pivotal to the Logan Report commissioned by Ms Forbes two years ago to analyse conditions necessary to produce a world-class tech sector in Scotland post-pandemic as well as expanding and improving the provision of computer science in schools.

Economic regeneration and job creation in Scotland cannot be decoupled from the challenge to become more sustainable through decarbonisation as well as tackling inequalities such as fuel poverty and barriers to attainment.

This strategy for economic transformation recognises our issues in this area, alongside poor productivity and low new business growth. It realises that the prize is not only worth fighting for but crucial to achieve if we are to become a resilient, sustainable and fairer nation in a fast-changing and challenging world. It’s opened a dialogue on what we need to do to tool up for domestic success. Let’s ensure we bring critics and supporters of its vision together to cement this “team Scotland” approach in deed as well as word.