Indigenous economic development aims to develop the economy of native communities through education, job creation, business training, and improving living standards. It empowers indigenous communities to achieve financial independence and security.
Indigenous economic development refers to the type of economic development aimed at the native or indigenous community in a geographic territory. The term “indigenous” denotes the original inhabitants of a land that may have subsequently been colonized or taken over by other cultures or ethnic groups. An example of an indigenous community is the Native American Indians. Another example includes the Aborigines in Australia. The method by which the economy of such communities can be developed is known as indigenous economic development.
One method of achieving indigenous economic development is to empower members of the indigenous community through various programs designed to increase literacy levels. Education is the main foundation of economic development in modern times, because educated populations can apply their knowledge to the economic development of their communities. Education can be increased by building schools and providing financial aid, grants and scholarships to indigenous community members.
Another method of promoting indigenous economic development is through job creation and the employment of members in the indigenous community. This measure will help accelerate the progress of indigenous economic development by increasing the purchasing power of community members. This will also bring members of the Indigenous community to a level of financial independence and financial security.
Organizing workshops and training where indigenous community members can learn how to start their own businesses is also a way to encourage indigenous economic development. During these trainings, they will learn about the various opportunities available and also learn how to take advantage of these opportunities. Resources such as microfinance schemes in which deserving and qualified members of the indigenous community can obtain small initial loans will also help achieve economic development.
Improving the standard of living through the provision of affordable housing and improving living standards will also encourage economic development. An improvement in the standard of living will translate into an improvement in the quality of health, leading to more productivity. Government policies designed to bring the indigenous population into the mainstream of community life will also lead to economic development. Such policies may include reserving a certain number of seats for Indigenous community members in important political office so that those members can help advance the cause of others in their communities.
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