Local Economic Zones For Economic Development

Abstract

All countries, especially facing a posit COVID-19 disrupted world, are keen to promote economic development that will be resilient to future external shocks. Over the years many different forms of “development structure” have been attempted including Export Processing Zones, Special Economic Zones, Free Trade Zones, High Technology Zones, clusters and so and so forth. Whilst some of these have been very successful in themselves, others have not; and there is evidence that even if the zone is successful itself, there is no inevitable consequence that business in the nearby locality will benefit.

This contribution establishes a “Post Pandemic” localised economic development framework based upon “Local Economic Zones”, where anchors drive local activity whilst being themselves strengthened to be competitive on a regional, pan regional and global level.

The methodology focuses on developing and connecting what already exists, gap filling by (i) providing access to technology, finance and skills development through a gateway or anchor institution (possibly an “entrepreneurial university” that is local in character, but global in outlook and (ii) access to affordable working capital via a specific community currency and gateways to banks and capital markets through building accurate and accessible business histories and associated credit information.

Keywords: Economic Development, Entrepreneurship, Regional Economies, Post Pandemic Economies