Regional Economy

Regional economy

North east Scotland’s regional economic strengths deliver national impacts.

Opportunity North East (ONE) is the private sector’s response to the challenge of strengthening and diversifying north east Scotland’s economy. The region is one of the most productive parts of the UK. Its future economic performance is nationally significant.

North east Scotland, made up of the city of Aberdeen and Aberdeenshire, is home to 9% of Scotland’s population and delivers 13% of Scotland’s economic output and is home to 14% of the country's businesses. Businesses in the region generate 20% of Scotland's export value and 13% of its business research and development investment.

North east Scotland is ambitious and confident. It recognises its vulnerabilities, understands the challenge of diversification and is building on its strengths and new opportunities.

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 vision is one of economic renaissance that results in a diversified and resilient economy supporting high-value employment through:

maximising oil and gas recovery and becoming a globally recognised hub for innovation and technology development with a strong, diversified and internationally active energy supply chain with a lead role in energy transition and anchored in the region for the long term;
growing the region’s digital; food, drink, agriculture and fishing; life sciences; and tourism sectors; and entrepreneurial environment to deliver a more balanced and resilient economy; and

inclusive economic growth and investment in the sectors and quality of place securing the future prosperity and well-being of the region.

The goal is an economy growing across new and traditional 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 for the sector innovation projects, including BioHub and SeedPod.