'Edinburgh economy can't afford to be so reliant on the financial sector'

EDINBURGH must shed its traditional reliance on the financial sector for its economic growth if it is to prosper over the next five years, council leaders will tell a major conference next week.

A summit on the capital's future will hear how the local authority sees tourism, renewable energy, the creative industries, life sciences and major cultural events as key to boosting the city's economy and its competitiveness with international rivals.

Dave Anderson, the council's director of city development, will tell the first in a series of major conferences organised by The Scotsman that the city needs to make its voice heard much louder on the international stage in the wake of the troubles that have hit the city's financial sector.

Senior city figures will be urged to help making a much stronger case for greater Scottish Government backing and a "fairer share of the cake" from national agencies such as VisitScotland.

Business leaders attending Monday's conference will be also told the private sector will need to throw more weight behind efforts to promote the city as a place to visit, study and work because of "horrendous" spending cuts the council is expected to make.

New business improvement districts – possibly one dedicated to securing direct financial support from the hotel sector – are expected to be pursued by the city to shore up predicted shortfalls in funding for new initiatives.

Plans will be mapped out for the first city-wide taskforce whose members will lobby Edinburgh's case for more funding from the government, try to attract overseas investment and act as "ambassadors" for the city, as has already happened with the city's festivals and conferences sector.

Mr Anderson is one of the keynote speakers at Monday's conference at the Hub, which will also hear from John Swinney, Scotland's Cabinet secretary for finance and sustainable growth, Owen Kelly, chief executive of Scottish Financial Enterprise, events guru Pete Irvine, and architect Malcolm Fraser.

Mr Anderson told The Scotsman that the impact of the collapse of the global economy on Edinburgh's financial sector may be to the city's long-term benefit if it can step up efforts to full diversify over the next few years.

"Maybe it will have been necessary in pricking the city about the danger of being complacent about Edinburgh's growth. The city has been completely transformed from what it was like in the early 1990s but a lot of its progress was borne out of a relatively narrow base in the financial sector."

Mr Anderson said much work had already been done to "sharpen the focus" of the city's efforts to encourage development and attract inward investment, but admitted there was a need to attract greater backing for the fledgling Destination Edinburgh Marketing Alliance, particularly from VisitScotland.

He added: "We do need to find a mechanism for the private sector to come to the table."

For information on Monday's event visit www.scotsmanconferences.com.