The Main Themes, Functions and Activities in Local and Regional Economic Development (continued)

Core LRED Functions (continued)

Enterprise and Entrepreneurship Support

This function encourages economic diversification, creates employment, addresses economies dominated by large employers, and builds innovation. Support ranges from basic advice and grants to accelerator programmes and assistance for international trade.

Foreign Direct Investment (FDI) Attraction

A traditional but challenging LRED function, FDI attraction requires clear vision, benchmarking against competitors, product development, marketing, dedicated teams, and incentive negotiation. Success hinges on a credible proposition.

Innovation Promotion

Central to many LRED programmes, innovation promotion involves commercialising university strengths, building science parks, linking research to entrepreneurship, and supporting SMEs in proving concepts.

Labour Market Interventions

These interventions aim to help people into work, remove employment barriers, and improve transitions from education to work. Understanding dynamic labour market conditions is essential.

Skills Development

Public sector intervention is crucial for building the skills base, as market forces alone may not adequately address needs. Coordination between employers, education providers, and workers is vital.

Addressing Poverty and Inequality

LRED activities address inequalities through minimum wage initiatives, employer charters, local labour schemes, and programmes for the long-term unemployed, ensuring inclusive growth.

Place-Based Regeneration

Historically focused on land and property development, regeneration now encompasses creating attractive, liveable neighbourhoods that support diverse lifestyles and working patterns, influenced by concepts like the "15-minute city."

The Green Economy

This involves fundamental societal and economic changes, including energy-efficient buildings, zero-carbon transport, sustainable consumption, and clean energy. LRED practitioners must develop clear roadmaps for this complex transition.