Firms receive aid to create jobs

HSBC is to create almost 250 fund management jobs in Edinburgh

Almost 600 jobs are to be created in Edinburgh and Livingston with the aid of Scottish Executive grants.

Banking giant HSBC is to create 247 jobs in the capital and optical components firm Gemfire will take on 346 staff at its West Lothian plant.

The HSBC investment includes a grant of £1m while Gemfire will receive £1.7m.

Deputy Enterprise Minister Allan Wilson said the financial and electronic sectors were important to Scotland's economy.

Both grants were made under the Regional Selective A`ssistance (RSA) aid scheme, in which grants are paid in instalments provided job targets are met.

There is still growth potential in our electronics sector Allan Wilson Deputy Enterprise Minister

The two expansion plans are among 40 projects involving a total planned investment of £28.4m.

Mr Wilson said: "The financial services sector is one of Scotland's most important and HSBC's plans to expand its Edinburgh operation show that the industry continues to thrive.

"It is also highly encouraging to see US firm Gemfire Europe's plans to increase its Livingston workforce from 43 to about 400 by 2007, showing there is still growth potential in our electronics sector.

'Really good news'

"Both of these projects, supported by Scottish Development International, show that RSA continues to help Scotland attract important inward investment.

"At the same time, it also plays a vital role in helping to support ambitious Scottish companies looking to grow and develop."

West Lothian councillor Willie Dunn said the investment would enable Gemfire to increase its workforce from 40 to nearly 400.

"This is really good news for the company and another major boost for West Lothian's booming local economy," he said.