Local Economic Development Analysis

2848 words - 11 pages

Local economic development is seen as one of the most important ways of reducing poverty. It purposes is to create jobs by making the local economy develop. This means that more businesses and factories should be started in the public area. The key participants in a city must meet to reach agreement and take decisions to make the economy develop and make income opportunities for more people, more especially the poor. National government makes plan and provides funds, investigation and other support for local economic development. Cities decide on Local Economic Development plans and the procedure of incoming at a Local Economic Development plan must be part of other process. The Local Economic Development plans should be based on the overall idea outlined in other processes and should take into consideration the consequence of the analysis done to classify difficulties, and arrange development projects. It should also look at things like mixing our residential and work areas, building development corridors between areas and supporting the economy with good public transport.
There are key principles underlined by the local economic development government including poverty and unemployment which is the main challenges facing South Africa. Local Economic Development plans must prioritise job creation and poverty alleviation. The Local Economic Development must target previously poor people, downgraded communities and geographical regions, black economic empowerment enterprises to permit them to contribute completely in the economic life of the country. There is no single style to Local Economic Development. Each locality may grow a method that is best appropriate to its local context. Local Economic Development encourages local ownership, community involvement, local leadership and co-operative decision making. Local Economic Development includes local, national, and international organizations between communities, businesses and government to solve problems, create joint business projects and build local areas. Local Economic Development uses local resources and skills and exploits opportunities for development. Local Economic Development includes the combination of different economic creativities in a comprehensive method to local development. Local Economic Development depends on flexible methods to reply to varying conditions at local, national and international level.
There are some local economic development key strategies that a municipality can put in place to meet its vision including the increase of infrastructure of the municipality to make it easier for businesses to function (i.e. Houses, transport, roads, water and electricity etc.). This is mostly spoken in the process of the municipality. While it pays to providing well living conditions it also makes an environment that encourages economic growth. Encouraging tourism, which currently is one of the major growth industries in South Africa. This contains increasing local...

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