Regional Economy

Regional economy

This is one of the most disruptive periods of economic change in modern history. Digital transformation, the pandemic and commitment to transition to a low carbon economy combined are changing the global economy; with the opportunity to bypass incremental change and creating significant leaps that spur new businesses and sector-wide disruption.

The regional ambition is to be a confident, productive and diversified economy with high-value employment – a leading business location in the low-carbon economy that maximises the opportunities arising from its sector strengths, quality of people, and natural capital.

The Regional Economic Strategy (RES) vision and action plan are being reviewed and updated by the partners during 2022-23 to reflect the ambitions of the National Strategy for Economic Transformation and the Just Transition and the Opportunity North East board is contributing to the development of the strategy. In addition ONE is engaged in the shaping of the Scottish Government policy agenda for Regional Economic Partnerships.

Regional Economic Strategy

The Regional Economic Strategy provides a shared vision and ambition for the future of north east Scotland to align commitment, investment and action for economic growth and diversification. The strategy's co-signatories are Aberdeen City Council, Aberdeenshire Council and ONE. The strategy is influenced and shaped by a broader regional collaboration, which includes the national enterprise and skills agencies.

The regional focus on diversification targets sustainable business growth in key sectors and high-value green jobs to drive economic transformation and a just transition that provides high quality work, training and skills opportunities.

The vision shared by the private and public sectors is that in 2040, the Aberdeen city region provides outstanding economic opportunities, best-in-country quality of life and a spectacular natural environment.

We will be an integrated energy cluster meeting the UK’s energy needs and leading energy transition by decarbonising oil and gas production; providing net-zero solutions across offshore renewables, carbon capture and storage and hydrogen; and creating green energy jobs for the future.
Our business growth and skills focus on digital tech, high-value manufacturing, innovation and the low-carbon economy will provide new high-value jobs and training opportunities in our traditional and new sectors.
Our diversified economy, entrepreneurial culture, and place-based strengths will make us a location of choice for businesses, investors and talented people.

The goal is an economy growing across established and emerging industries, supported by an agile highly skilled workforce, open to opportunities and better able to anticipate and respond to future challenges.

Aberdeen City Region Deal

The Aberdeen City Region Deal is one delivery mechanism for north east Scotland's economic vision.

Aberdeen City Council, Aberdeenshire Council and ONE, together with the UK Government and Scottish Government, are working to address the challenges of growth and diversification by capitalising on the substantial economic opportunities in the region.

The £250 million deal, co-funded by the two governments, includes £210 million of innovation projects for the oil, gas and energy; food, drink and agriculture; and life sciences sectors.

ONE is the private sector partner in the deal and the lead partner and a co-funder of the ONE BioHub and ONE SeedPod sector innovation projects.