Improving the Local Business Investment Climate

This is an essential component of every strategy. Measures to improve the local climate for businesses include improving processes and procedures for business registration, taxation, etc., within City Hall. These efforts should also complement and ensure consistency with reforms or measures that may be taken at the national/state level to improve the investment climate.

Investment in Hard Strategic Infrastructure

Improving the built environment for businesses including transport infrastructure (roads, rail, air and sea) and utilities (industrial and potable water, waste disposal, gas and electricity, and telecommunication systems).

Investment in Sites and Premises for Business

Enabling the provision and availability of land and sites, premises and units for productive economic and business development (sites and premises, and managed workspace and business units).

Investment in Soft Infrastructure

Improving the comercial environment for businesses through, for example, regulatory reform, skills training and business-focused education, research and development, "one-stop shop" advisory services, business networking, guidance to accessing capital and finance sources.

Encouraging Local Business Growth

Enabling the provision of advice, technical supporta nd resources to enable existing local business to grow with the goal of retaining and strengthening existing local business.

Encouraging New Enterprise

Enabling the provision of advice, technical support, information and resources to support individuals set up new business.

Promoting Inward Investment

Attracting business to a community from elsewhere in the country or from other countries. This option needs careful weighing of the costs and benefits. It can be risky and at most should only form a targeted part of a broader LED strategy.

Sector (and business cluster) Development

Focuses on facilitating linkages and interdependence amongst firms (including suppliers and buyers), supporting services (including training institutions and banks) in a network of production (and sale) of products and services. Local governments can collaborate locally and regionally to become facilitators of industry networking and catalysts/brokers to bring the actors together.

Area Targeting/Regeneration Strategies

Addressing specific area-based problems such as regenerating a run-down town center, a declining commercial zone or neighborhood. Fostering promising growth opportunities where market potential is already demonstrated by emerging private investment (e.g., along area transport corridors).

Integrating Low-Income or Hard-to-Employ Workers

Programs to mainstream the poor and disadvantaged populations into the economy. Ensuring that new growth industry extends employment opportunities to low-income workers (including those in the "informal sector") and that such workers have access to, and can take advantage of, opportunities for advancement.