Local Economic Development Strategies at Namibia Business School

What is Local Economic Development Strategies?

Local Economic Development (LED) is a process by which public sector, business and civil society work collectively to create better conditions for economic growth and employment generation. Its purpose is to build up the economic capacity of a local area to improve its economic future and the quality of life for all.

Overview

The purpose of local development is to build the capacity of a defined area to improve its economic future and the quality of life for inhabitants.

Frequently Asked Questions

What is local development strategies?

“[A] ‘community-led local development strategy’ means a coherent set of operations… to meet local objectives and needs, and which contributes to meeting the Union strategy for smart, sustainable and inclusive growth, and which is designed and implemented by a local action group.”

What are economic development strategies?

The Economic Development Strategy (EDS) has a national outlook, which aims to develop existing sectors, such as fishing, agriculture, tourism and the service sector, as well as new industries that enable economic diversification.

What are the three economic development strategies?

Three Strategies of State Economic Development: Entrepreneurial, Industrial Recruitment, and Deregulation Policies in the American States – Kevin T.

What are the challenges of local economic development?

The main constraints in delivering results in “pro-poor” implementation are poor analysis of local economies, unsustainable community projects, lack of capacity and lack of resources (Nel & Rogerson, 2005). Both concepts of “pro-poor” and “pro-growth” need to be addressed as an integrated LED policy approach.

Why is local economic development important in South Africa?

Local economic development and better municipal service delivery are vital if South Africa wants to broaden economic participation and reverse its unemployment trend. To achieve these objectives, it is necessary to strengthen municipal finances and investment. Good municipal governance is a prerequisite.

What are the five key strategic areas in economic development?

The document clearly identifies a vision, goals, strategies and actions for five focus areas critical to economic development including, Business Climate, Education & Workforce Development, Quality of Life, Sites & Infrastructure, Business Recruitment, Expansion & Retention and Tourism.

What are the types of economic development?

The topics, or types of development economics include mercantilism, economic nationalism, linear stages of growth model, and structural-change theory.

Why is local economic development so difficult?

First, it requires very substantial resources in terms of manpower, skills and money. Second, even if a local government can make those resources available, it is difficult to strategies and plan something which is hard to imagine.

Why is strategy development important?

Having a strategic plan in place can enable you to track progress toward goals. When each department and team understands your company’s larger strategy, their progress can directly impact its success, creating a top-down approach to tracking key performance indicators (KPIs).

When was local economic development introduced in South Africa?

The programme was launched in April 2005 as a hands-on programme of support and engagement for local government. A range of stakeholders and partners in the form of business and professional organizations, State Owned Enterprises, Non-Governmental, Development and Donor Agencies support Project Consolidate.

What is economic development in a community?

Economic development is a term used to describe concerted actions taken for the purpose of economic progress within a specific area. It is the process of generating and sustaining wealth in a community. Every community has unique assets that can be used to attract employers and investment.

What is the meaning of economic development?

Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community.

What is a development strategy in business?

A strong business development strategy is the roadmap that instructs your team how to find and generate high-value leads to support your long-term goals. Without a strategy, your team may struggle to find qualifying prospects or, at worst, spend months developing a relationship with prospects who don’t convert.

What should developing countries do to develop their economies?

For developing economies, other issues could involve: Export oriented Development – Reduction in tariff barriers and promoting free trade as a way to improve economic development. Diversification away from agriculture to manufacturing as a way to promote economic development.

What are the factors of economic development?

Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. Highly developed countries have governments that focus on these areas.