THE growing science community in the Capital will generate 600 new jobs and an additional £30 million in the next three years, according to a new report.
The sector, which already employs around 3100 people in Edinburgh and the Lothians, is tipped to expand with further European funding to attract new companies to the area.
The projected figures for 2008-11 are provided in a council analysis of th
e success of the Edinburgh Science Triangle (EST) scheme – a collaboration between the four Lothians councils, the universities and Scottish Enterprise.
It is called the "triangle" after a highly successful similar project in the US.
Barry Shafe, project director of the EST, said: "The Edinburgh Science Triangle is successful because it concentrates on attracting more investment and building the scientific community.
"It is able to bring the combination of objectives together and it is pretty unusual to get that level of stakeholders pulling together.
"We keep hearing about Oxford, Cambridge and London being the premier universities in the UK, but Edinburgh is already in that peer group." There are already 127 companies operating from within the Edinburgh Science Triangle, which includes the Heriot-Watt research park, Edinburgh Bioquarter, the Alba Innovation Centre, Pentlands Science Park and Roslin BioCentre.
But that number is expected to grow as more firms flock to the Capital.
Councillor Tom Buchanan, convener of the city's economic development committee, said: "The Edinburgh Science Triangle is already proving a successful collaborative project.
"It aims to maximise inward investment as well as stimulate the promotion of science and scientific development in the city.
"The council is committed to supporting the growth of the knowledge-based economy, technology and life sciences sectors, and these areas have been identified as a top priority in the growth of the local, regional and national economies."
The city council will vote at an economic development committee meeting next week on whether to invest £12,000-a-year over two years in the project.
The funding, more than double its previous grant for the EST, has been recommended by Dave Anderson, its director of city development.
A report by Mr Anderson said that the EST had "operated successfully" and either met or exceeded its targets.
The activities of the partners, he said, had attracted 160 enquiries a year by businesses, leading to the creation of around 100 jobs.
That jobs growth is expected to continue at an even faster rate in the next three years.
Ron Hewitt, chief executive of the Edinburgh Chamber of Commerce, said: "If anything, we would say the forecasts are a large underestimate of the potential growth.
"We are extremely optimistic that this new growth sector will be important to Edinburgh's economy. The key is investment in infrastructure and removing the barriers to growth, such as inadequate housing and inadequate transport."
The full article contains 478 words and appears in Edinburgh Evening News newspaper.
