Establishing an Economic Development Strategic Unit
This company operates as a business entity that is wholly owned by the local authority and whose purpose is the welfare of the residents. The urban economic company operates on two integrated levels: first, as a business; and second, for the social and public interest. The role of the economic company is to initiate and encourage economic initiatives in the locality and carry out urban projects. The economic company’s source of revenue is through a dedicated budget of the local authority, project management fees and government and non-governmental invitations to tender.
In places where it is recognized that it is not possible to establish an economic company, the purpose of the process will be to establish an alternative mechanism to promote economic development in the locality.
Identifying the need:
At a preliminary stage, it is recommended to raise questions about the need for a process within the authority.
Injaz Center offers a process leading to the establishment of a body (ecoonomic company) with a mission-oriented nature and clear goals for economic and employment development in the locality. In addition, this process helps to identify projects with a potential for economic and employment growth for the locality, and to increase local authority revenues.
Mapping the existing condition
Building a strategy
What you get at the end of the process:
An inclusive urban mechanism for managing and promoting economic development in the locality
Characterization of unique principles for economic development
Project files based on a number of local project opportunities for economic development
A marketing portfolio for entrepreneurs that concentrates the relative advantages of the town and includes vacant properties, land and an analysis of state benefits