Local Economic Development (LED) refers to a process and approach aimed at unlocking and facilitation of latent economic development opportunities for local benefit in a sustainable manner. Although LED targets economic development opportunities, it encompasses various different elements such as analysis, implementation facilitation and capacity building and Urban-Econ provides services in all these dimensions.
Key elements in the approach
- The most recent focal shift of LED approaches is away from social and poverty alleviation projects to sustainable catalytic opportunities which will stimulate local spin-offs and capitalise on the local economy’s comparative and competitive advantages.
- Each area has a unique set of opportunities and problems, and Urban-Econ focuses on developing LED strategies that will be specific to the local context. Since LED takes place in the context of the national and global economies, Urban-Econ strives to take cognisance of international trends and developments for increased competitiveness.
- Urban-Econ’s approach to LED is not only to facilitate an analytical process but to supplement and facilitate the process with practical implementation. LED is an ongoing process, rather than a single project or a series of steps to follow.
- Urban-Econ applies specific economic techniques such as a project prioritisation model to identify and classify the range of projects in terms of various criteria.
Due to the firm’s extensive involvement in various LED strategies and processes, Urban-Econ remains at the forefront in applying technical approaches as well as extensive experience. The most important example is Urban-Econ’s appointment by the Department of Trade and Industry to manage and implement Project Khulis’umnotho.
Some recent examples of LED Strategies include:
- uThungulu District
- Ngwathe
- Karoo
- Saldanah Bay
- iLembe District
- Ugu District
- Cacadu
- Mandeni
- Sedibeng
- Johannesburg Region G West Rand
- Nkangala
- Sol Plaatje
- Phokwane Blouberg
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