ISBN Number: 9789264060814
Publication Date: May 2010
Pages: 493
Number of tables: 30
Number of graphs: 60

The role of development agencies and companies to the Economic Development Company Network

Local economic development can offer significant far-reaching benefits. Unlike conventional local public services which provide a specific service to a well-known population base within a defined geography and a given timeframe, local development functions within wider governmental spheres and markets. Aspects of local development have greater impact beyond the reach of local and regional/provincial governments.
Development processes occur within a wider geographical area than local government, and in some cases encompass a broader scope than provincial or national governments. Thus substantial inter-governmental co-operation and public-private partnership are needed. Consequently, the effects of local development are usually achieved within the same timeframe as business cycles (12-15 years) rather than government electoral cycles (3-4 years).

Given these factors, economic development could best be co-ordinated as a partnership activity between public, private and institutional sectors, with substantial vertical and horizontal collaboration within the public sector. It requires a long-term strategy that includes realistic and measurable short-term goals and outputs addressing both the customer and the investor. It should also be supported by the appropriate organisational vehicles such as development agencies and corporations.

This book identifies how such development agencies and companies work, what they do and what constitutes success and value added. It explores international practices in a variety of locations and contexts, and defines both the success factors and the challenges associated with economic development agencies and companies.