Approximately £30m of government funding, available through the City Region Deal, will contribute towards the development.
The Innovation Park will be located next to Queen Margaret University, in a joint development between East Lothian Council and QMU.
An innovation hub will facilitate an expansion of the university's existing Scottish Centre for Food Development & Innovation and will also provide flexible commercial space for SMEs in the food and drink sector. It will act as a catalyst for the further development of the innovation park.
It forms part of a wider development plan for the land around the university, which will include a retail, leisure, and food and beverage Commercial Zone as well as up to 1,500 new housing units and a new primary school.
Depute Council Leader Norman Hampshire said: "Growing the East Lothian economy and supporting local jobs is one of our top priorities as a council. That's why we're delighted with the signing of the City Region Deal.
"A huge amount of work has gone into developing and finalising a Deal and one which is good news for the county. It's an excellent example of working together, with local authorities and partners such as Queen Margaret University, to secure a significant package of investment.
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"The Food and Drink Innovation Campus at Queen Margaret University will support innovation and quality in the food and drink industry. A project of this nature is highly appropriate in Scotland's food and drink county and we look forward to continuing to work closely with the university in taking the wider development forward.
"As well as improving employment prospects and transport infrastructure, the Deal will help to reduce inequalities across our communities. With its business and employability focus, the Deal will contribute to building an increasingly highly skilled workforce and will help reduce barriers to employment. Complementing the deal, a Regional Employability and Skills Programme will deliver better outcomes for all the region and particularly those people facing significant disadvantages to securing and sustaining meaningful, high quality employment.
"Improvements to the Edinburgh City Bypass and Sherriffhall roundabout will also have a positive effect on East Lothian's economy by improving our transport links to Edinburgh and beyond.
"We will also directly benefit from an expanded affordable housing programme, with a specific focus on Blindwells, which will help to address the shortage of affordable homes we are facing. This will allow more young people to continue to live and work in East Lothian and encourage more people to live and work here – building both our communities and our economy."
East Lothian Council has worked closely with the University to develop the proposal, and will continue to work together in a joint venture to deliver the innovation hub and the subsequent development of the wider innovation park.
Welcoming the announcement, Queen Margaret University's Principal, Professor Petra Wend, added: "The ability to set the University at the heart of a major hub for economic development in East Lothian, based around the University's expertise in food and drink, was one of the key factors which influenced the University's decision to relocate to East Lothian in 2007. The offer of City Region Deal funding will now allow the University, working in close partnership with East Lothian Council, to move forward with these plans, which are expected to bring almost 1,000 new jobs to the area in the first phase alone. The additional development planned on the land around the University campus, including the construction of new housing, will mean that the University will become part of a vibrant new community within the county."
(CM/MH)
