Economic development initiatives aim to improve an area’s economy and living standards by improving infrastructure, education, jobs, health, safety, and environmental quality. Initiatives should be tailored to a specific area and consider long-term goals. Human resources initiatives focus on vocational education and training, while alternative initiatives involve acquiring or developing technologies to make industry and agriculture more efficient. Developing political and economic institutions can create a business-friendly atmosphere.
Economic development initiatives are efforts to improve an area’s economy and living standards for its residents. Communities, states and entire nations do this by embracing initiatives to improve infrastructure, education and jobs, health and safety, environmental quality and the area’s ability to compete with its neighbors in to such issues. While economic development initiatives tend to have similar goals, the methods used to achieve those goals should be tailored to a specific area. Plans for implementing economic development initiatives should also consider long-term goals, as such development tends to take time.
Among the various economic development initiatives are those that aim to improve human resources in a country by focusing on vocational education and training opportunities. Such initiatives would address student numbers in primary, secondary and tertiary education and would aim to increase student numbers in full-time education, starting at primary level. This type of initiative would seek to increase the resources available to educators, such as school buildings, other facilities and textbooks. Another factor in this policy would be the training of extra teachers to take over the task. A human resources strategy could also involve initiatives to improve sanitation and health to ensure that the country’s population is fit for work.
Alternative economic development initiatives that could be conducted in parallel with a human resources strategy may involve the acquisition or development of technologies to make industry and agriculture more efficient. This could be achieved through the purchase of relevant technologies from abroad or the promotion of technology transfer from foreign companies. The country could make terms such as tax breaks or free trade zones favorable for foreign affairs and include additional tax breaks where technology transfer is part of the contract. Foreign companies could be encouraged to work with local companies to form partnerships involving some technology transfer, or the strategy could involve counter trades and offsets whereby the foreign company fulfills additional contracts for the country.
Another type of development strategy involves the development of relevant political and economic institutions to create a business-friendly atmosphere. Such political institutions may aim to bring social stability and a stronger legal system capable of defending the right to private property and the right of businesses to defend the ownership of goods, including intellectual property. Economic institutions such as the central bank could be given the necessary powers to control the economy and create a viable banking system. International negotiations could aim to reduce tariff barriers and ensure that foreign companies are protected from asset expropriation or double taxation.
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