By Emma Reid, Head of Partnership and Engagement, Edinburgh Chamber

With the Ukrainian war in a new and unpredictable phase, including recent efforts for a ceasefire amid ongoing territorial conflicts, the geopolitical balance continues to shift. Alongside this, anxiety over President Trump’s tariff-driven trade war remains high, with fresh threats to impose new tariffs on European goods, exacerbating instability on the global stage. The economic outlook remains shrouded in uncertainty.

Megan Greene, an external member of the Monetary Policy Committee, told MPs last week that – even if exempt – tariffs and an international trade war will hit economic growth in the UK, and will leave less money in all of our pockets.

That is why it is essential that we use every lever we can to encourage good economic growth. In this regard, the role of women in business – and wider society – has never been more critical. The author Isabel Allende said: “I can promise you that women working together – linked, informed, and educated – can bring peace and prosperity to this forsaken planet.”

While that is a big promise to live up to, even as we recently celebrated International Women’s Day, there is no doubt that an increased role for women in business is a very good thing.

It was rewarding to see so many women feature in our Edinburgh Chamber Annual Business Awards in February – with women-led businesses excelling in several categories, including Lothian Buses as Large Business of the Year, YOURGB as Mid-Sized Business of the Year, Muckle Media as Employer of the Year, and Edinburgh Food Social as Responsible Business of the Year. A special mention must go to Nathalie Agnew of Muckle Media, who was also crowned Director of the Year.

In addition, the Chamber has 18 female business founders enrolled in its first cohort for the Women in Business: Entrepreneurial Growth Programme, funded by the Scottish Government. This programme aims to empower female founders to expand, grow, and attract investment through targeted support, expert training, coaching, and opportunities to connect with, and be supported by, fellow female entrepreneurs. Two out of three workshops, which form part of the two-month intensive programme, have taken place in recent days.

It is important to highlight that if women’s business ownership rates equalled those of men, Scotland could gain an impressive 108,480 new businesses, potentially boosting the economy by 5.3%. As another example of how more women running businesses could improve our economy, the Scottish Government has just announced plans to give more support to women-led businesses that want to export, following a study which showed that our economy could benefit by billions of pounds a year.

The Gender Export Gap report estimates that Scotland’s trade could increase by between £3.4 billion to £10.3 billion over two years if women-led businesses exported at the same rate as those led by men. From 2016 to 2022, between 2% and 9% fewer women-owned small and medium-sized companies sold overseas compared to those run by men.

Programmes like the one the Chamber is running, in addition to a range of other initiatives in the city, are very much needed. One recent survey showed that 74% of women view dedicated support as vital to achieving their business aspirations, while two-thirds have experienced discrimination as women entrepreneurs.

However, there is cause for optimism. For the first time, female entrepreneurs starting up new businesses are matching men in numbers in Scotland. Progress may be slow – but it is happening – and Edinburgh Chamber remains committed to playing its part in pushing things along, not just because it is the right thing to do, but because it makes economic sense.