In business, reputation is an asset almost beyond price. Around the world, a single word attaches to Scotland's reputation in food and drink: quality. Industries valued collectively at £14 billion produce the best there is. “Scottish”, as a mark of provenance, is a unique selling point.

It brings with it certain responsibilities, however. As the fourth annual Bank of Scotland report on the sector recognises, the food and drink industries cannot cease to innovate, or to seek new markets. They were crucial to the export economy before oil prices tumbled. Given the problems confronting North Sea operators, their importance is paramount.

The optimism contained in the report, Fresh Opportunity and Growth, is therefore highly encouraging. A sector aiming to increase turnover by an average of 19 per cent, create 14,000 new jobs by 2020, invest, collaborate, develop new products, and open up markets on both sides of the Atlantic, is serious about its future. On this evidence, that future looks bright.

Certain clouds dot the horizon, of course. Politicians should pay close attention when better than one in three of the 106 companies surveyed cite a possible United Kingdom exit from the European Union as a cause for concern.

Rising labour costs, regulation and compliance might meanwhile be familiar problems, but they continue to weigh heavily with key exporters. Governments in London and Edinburgh must not forget the fact.

The Scottish administration would argue, no doubt, that its decision to impose a ban on genetically-modified crops is a token of how well it understands the sector's needs. The case can certainly be made. Provenance, and hence reputation, clearly depend in large part on our “clean and green brand”.

That said, the controversy is far from settled, particularly among scientists, many of whom believe the ban will in time be profoundly counter-productive for the sector. It also remains to be explained why the Government saw no need to consult Scotland Food & Drink, as the relevant industry body, over a ban for which, to put it mildly, there is no consensus. We shall see.

In fairness, industries exuding confidence for the future do not seem to be troubled by the issue. GM is not mentioned in the section of the report covering “Challenges and Opportunities”. Instead, price volatility and “pricing pressure” from supermarkets receive mentions. Indeed, proponents and opponents of GM might each seize on the fact that 26 per cent of those surveyed rank “ingredient security” as an issue.

Overall, nevertheless, business sentiment in the sector is positive indeed. If ordinary Scots could only be persuaded to appreciate our food and drink quite as much as the rest of the world, there would be no grounds for complaint.

That lack, like our strange national habit of importing foods we produce to a high standard on our own behalf, is an old story.

Scots are learning. The evidence says they are becoming more discerning. But they do not appreciate our brand quite as much as they should. That is a pity.