Glasgow is the number one large European city for strategy in attracting overseas investment, according to a new ranking released by fDi Intelligence.

fDi Intelligence, an investment insights provider that’s part of the FT group, said Glasgow has leapt to number one due to the city’s “approach to innovation” which “has been forged in partnerships between academia, industry, government and local communities.”

In addition to the spot for its foreign direct investment strategies in the European Cities & Regions of the Future 2024, Glasgow also ranked fifth for connectivity and 10th for business friendliness.

The investment insights provider cited the emergence of hi-tech and innovate firms across the city region, including 200 life science companies, and the importance of the three innovation districts and five innovation centres in it.

The rankings were based on the performance of 330 European cities. The ‘Large Cities’ category included cities with a population of over 500,000 and a wider urban region of over one million.

Glasgow has improved its position in all three categories compared to 2023, when it was ranked 3rd for strategy, 6th for connectivity, and outside the top 10 for business-friendliness.

Speaking on the results, councillor Susan Aitken, leader of Glasgow City Council, said: “I’m absolutely delighted to see this recognition of the impact of the City Government’s economic policies, which have transformed Glasgow’s approach to inward investment and put us in the top rank of European cities to attract high quality jobs and generate growth all our citizens can share in.

“Recent years have seen the emergence of really significant sectors in tech, the green economy, the space industry, the creative economy, and advanced manufacturing – and these will all help to drive Glasgow’s future growth and high skilled jobs.

“Taken with our recent ranking as the world’s 61st best city for global investment attractiveness, Glasgow can take real encouragement from how the world increasingly sees us.”

The City Council said its Invest Glasgow team has helped attract overseas investment from major companies such as Barclays, JPMorgan Chase, Morgan Stanley, Merck KGaA, Planet DDS and Spire Global to the city, bringing in over 6,000 jobs in the past five years.

A new investment strategy for Glasgow was launched in the autumn of 2023, responding to the changes in the investment landscape, impacted by Brexit and the pandemic.

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Professor Sir Jim McDonald, principal and vice-chancellor of the University of Strathclyde, and co-chair of Glasgow Economic Leadership—the strategic body for economic development in Glasgow and Glasgow City Region—said: “Glasgow City Region is the economic powerhouse of Scotland with strong sectors such as fintech, space technology, advanced manufacturing, life sciences and energy which are supported by the world-class research and graduates of the city’s universities and colleges.

“Thanks to a cohesive investment strategy, a focus on innovation and entrepreneurship, and a ‘triple-helix’ approach to partnership working between academia, industry and government, Glasgow has developed an exciting strategic vision and is attracting the inward investment that is helping to create jobs and develop a skilled workforce, to boost the city’s prosperity, and to build a sustainable net zero economy for the future.”