Edinburgh Chamber of Commerce today welcomed two significant announcements which will impact the economic growth of Scotland’s Capital. First, that a new 8500 capacity arena has been approved for the Edinburgh Park area in the west of the city, and second, that the Forth Green Freeport has officially opened for business.

The new arena will be developed by AEG Europe, which operates 325 venues across the world and ran the Taylor Swift Concerts at Murrayfield  last weekend.  It will be situated opposite the Edinburgh Park Train and Tram station, and is expected to host 150 shows a year including concerts, comedy shows, boxing and festival shows. Hundreds of new jobs will be created – around 250 directly and another 700 in the wider area – when it opens by 2027.

Alongside this news, the Forth Green Freeport (FGF) has formally opened following approval from the Scottish and UK Governments of its Outline Business Case and the designation of its three tax sites located in Grangemouth, Rosyth, Mid-Forth (Leith and Burntisland). This major step unlocks the investment incentives to deliver the green freeport vision and will attract new businesses and new jobs into the FGF area, aided by a suite of financial incentives to deliver major economic and net zero benefits for Scotland as a whole. Forecasts indicate the potential to attract £7bn of private and public investment over the next decade, delivering Gross Value Added (GVA) of £8.4bn.

On the new Edinburgh Arena, Joanne Davidson, Director of Policy at the Chamber, said: “This will be a very welcome and much needed addition to Edinburgh’s world class event space. Attracting 700,000 visitors per year, and spanning 18,500 square meters across three levels, the venue will fill a gap in the market, meaning that Edinburgh will no longer be one of the UK’s largest cities not to have a major indoor entertainment venue.  That said, whilst we welcome this development, the city needs to ensure that the right transport and infrastructure is in place as part of a holistic review of the West of Edinburgh to allow this growing part of the city to prosper and thrive.”

On the Green Freeport, she said: “This was something we have been extremely supportive of, as it has the potential to help create a sustainable, growing economy for the entire area and is forecast to create up to 38,350 well paid, highly skilled, green jobs, with almost 19,000 of these being direct gross jobs linked to the freeport’s target sectors and tax sites.

“Through its combination of incentives for investment, it is expected to attract £7 billion of investment over the next decade.

The potential of the FGF was highlighted by the news that Vestas has identified the Port of Leith as a possible location for a wind turbine blade manufacturing facility. This is an example of how Green Freeport status can be used to boost Scotland’s renewable energy credentials with the potential to create hundreds of quality, green jobs in Scotland, supporting the just transition to net zero.

The investment incentives will only apply to businesses who commit to and deliver against a set of demanding Investor Principles that will guide all landowners and developers.  This will include abiding by the Fair Work Charter, which prioritises the rights, wages and working conditions of employees. The principles also require businesses to buy into Forth Green Freeport’s net zero commitments, supporting Edinburgh’s net zero ambitions.