Local economic development activities are unique. The activities of business development, investment attraction, support to innovation, competitiveness and entrepreneurship, regional marketing, technology transfer, commercialization, cluster and value network facilitation, etc. are vital for the future economic growth of territories.
Local economic development (LED) offers local government, the private and not-for-profit sectors, and local communities the opportunity to work together to improve the local economy. It focuses on enhancing competitiveness, increasing sustainable growth and ensuring that growth is inclusive. LED encompasses a range of disciplines including physical planning, economics and marketing. It also incorporates many local government and private sector functions including environmental planning, business development, infrastructure provision, real estate development and finance.
Our focus on communities cannot be over emphasized especially on continually improving their investment climate and business enabling environment to enhance their competitiveness, retain jobs and improve incomes. Our approaches can be taken to include:
- Ensuring that the local investment climate is functional for local businesses;
- Supporting small and medium sized enterprises;
- Encouraging the formation of new enterprises;
- Attracting external investment (nationally and internationally);
- Investing in physical (hard) infrastructure;
- Investing in soft infrastructure (educational and workforce development, institutional support systems and regulatory issues);
- Supporting the growth of particular clusters of businesses;
- Targeting particular parts of the city for regeneration or growth (areas based initiatives);
- Supporting informal and newly emerging businesses;
- Targeting certain disadvantaged groups.
- Developing empowerment programs and trainings.