Economic Development . . .

• Refers to the capacity of regional and local economies to provide jobs, income and other economic resources required to achieve or maintain a healthy standard of living and quality of live for the population in a given area
• By nature serves a 'social purpose.' This social purpose has to do with how our society and its people progress and advance in the force of rapid economic change
• Is not just about making businesses more competitive or profitable.
• Recognises the power and importance of business as a basic societal institution to create wealth for private citizens
• Recognises that the whole of society must make progress if we are to achieve our aspirations as a free, just and democratic country.
  — Economic Development Study Advisory Committee
  Cleveland State University Urban Centre

Key Issues in Promoting Economic Development

• There are ten interwoven key themes that cover the preconditions for regional growth.
• Local Government can significantly influence the local performance within each of these.
• The preparation of regional economic development strategies to address these themes is a tangible step towards addressing the particular characteristics and challenges of regions to make them not only competitive domestically, but also globally.
  — Australian Local Government Association

10 Key Issues

• International and Inter-Regional export generation
• Import Substitution
• Self containment in services
• Investment Attraction
• Workforce Capability
• Strategic Infrastructure
• Creating new firms from within
• Capital Availability
• A competitive economic environment (institutions)
• Innovation