“If you want to see real long term results local economic development needs to be a joint venture between municipality, business and community” urges seasoned South African development consultant, Uys du Buisson.
The innovative Local Economic Development framework developed in a number of municipalities first of all aims to:
- Quantify Gross Geographic Product (GGP), unemployment and poverty in a region as the socio-economic baseline for LED action.
- Use this baseline to set specific turn-over, employment and income objectives
- Explore opportunities for enterprise and job creation in the various sectors
- Create an assortment of investments to satisfy income and job creation goals
- Introduce an Small and Micro Enterprise incubation system to support the objectives
- Deal with the required skills development in this region
- Set up a special purpose vehicle to create and manage a Venture Capital Fund
Successful new Local Economic Development initiatives involve a cooperative agreement between the
A: municipality, B: organised business and C: the community:
- The municipality is responsible for the enabling environment in keeping with the municipal mandate for Local Economic Development.
- Organised business is responsible for the trading environment and supporting start-up entrepreneurs and businesses
Together, municipality and business create and manage the venture capital fund to drive sustainable socio-economic development.
Uys du Buisson has been involved in a range of community development initiatives for more than 25 years and is regarded as an expert in ICT4D, economic development and monitoring and evaluation.