Investing in success to build Edinburgh's economic growth

It is a huge boost for Edinburgh to have two of its key development sites identified as 'Enterprise Areas'.

This new status, announced by the Scottish Government last month, paves the way for significant investment and jobs growth in Port of Leith – identified as a hub for the low carbon/renewables sector – and Edinburgh BioQuarter – Scotland's flagship life sciences cluster developed around the Edinburgh Royal Infirmary site in the south of the city.

Now we can enjoy a more level playing field with locations supported by subsidies such as Regional Selective Assistance. Enterprise Area status allows us to offer potential benefits including business rate holidays for up to five years, a streamlined approach to planning and support for high quality broadband provision.

These are powerful incentives that will attract new companies and jobs into two areas of national sectoral importance in the renewables and life sciences arenas.

What is particularly significant about the Enterprise Area strategy is its focus on areas of success, rather than areas of need. The idea is that Scotland's most dynamic industries offer the greatest potential for new employment, private investment and economic growth.

Targeting investment where it will be most effective – in competitive places like Edinburgh – can help grow Scotland's economy as a whole. Repeat this approach across Scotland's cities and clusters of expertise, and huge potential is harnessed to fast-track the nation's economy.

In our own strategy for economic growth, The City of Edinburgh Council has pledged to support £1.3 billion of physical investment in the city over the next five years. The Enterprise Area announcement is a fantastic boost to this and highlights the importance of investing in those capital projects with the greatest potential to create jobs and investment. Public realm improvements and enhanced connectivity also help to grow Edinburgh's credentials as one of the UK's most attractive and productive places to live and work.

We are leading the way with developments including Quartermile, BioQuarter, St James Quarter, the tram and growth in West Edinburgh’s airport quarter, improvements to Waverley Station and the expansion of Edinburgh International Conference Centre.

The Council will be building on this over the next five years by further developing innovative funding mechanisms such as tax increment financing (TIF); by delivering Council-wide development plans for each of our four priority investment zones (City Centre, South East Edinburgh, the Waterfront and West Edinburgh) – and by working in collaboration with partners across the public and private sectors.

While the global economy remains fragile, we are privileged to live in a city with remarkable assets and physical infrastructure. Working with partners to deliver investment in these is critical to driving sustainable economic growth –and unlocking Edinburgh's long-term development potential.

Cllr Tom Buchanan, Economic Development Convener,
The City of Edinburgh Council