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Local Economic Development (LED) offers local government, the private sector, the not-for-profit sectors and the local community the opportunity to work together to improve the local economy. It aims to enhance competitiveness and thus encourage sustainable growth that is inclusive. What is LED?
The purpose of local economic development (LED) is to build up the economic capacity of a local area to improve its economic future and the quality of life for all. It is a process by which public, business and non-governmental sector partners work collectively to create better conditions for economic growth and employment generation. Organizing an LED Strategy
Ideally, the development of an LED strategy should be an integral part of the broader strategic planning process for a sub-national region, city, town or rural area. Sound LED strategic planning ensures that priority issues are addressed and scarce resources are well targeted. The five-stage approach incorporates: Organizing the Effort, Conducting the Local Economy Assessment, Developing the LED Strategy, Implementing the LED Strategy and Reviewing the LED Strategy. The funding of an LED strategy is also a key consideration. The five-stage LED strategic planning process should be tailored to correspond with other local planning processes. Implementing LED
A community needs to decide what LED programs and projects it will adopt to achieve its LED vision, goals and objectives. Options are many and varied and may be as simple as providing a directory of services. More detailed program areas may include improving the local business investment climate, investments in hard strategic infrastructure, investments in sites and premises for business, investment in soft infrastructure, encouraging local business growth, encouraging new enterprise, promoting inward investment, sector (and business cluster) development, area targeting/regeneration, integrating low income or hard-to-employ workers. LED Case Studies
While LED strategies should be designed to meet the specific needs of each community, LED case study examples from East Asia & Pacific, Europe & Central Asia, Latin America & Caribbean, Middle East & North Africa, South Asia and Sub-Saharan Africa provide insightful lessons of successful and less successful approaches to LED strategy development and implementation. LED Resources
For most towns and cities, obtaining information on organizing and implementing the LED effort is one of the key challenges and priorities in facilitating and managing effective LED. A glossary of LED terms, list of LED thematic areas, key readings, LED training materials and related links to external organizations, World Bank sites and city homepages will serve to inform stakeholder approaches to LED and strategic planning
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