International Conference on Transforming Economic Development:
Policies and Strategies (ICTEDPS) 22 - 24 Nov. 2016
You are well aware of the fact that development of any economy is based on the belief that a healthy economy is central to community well-being. The primary mission of economic development practitioners, has been to stimulate private investment and create jobs that generate income for the residents of a society. This income allows house-holds to acquire goods and services to have a good life and save to build longer-term wealth. Investment, income and consumption provide the tax base to underwrite shared, communitywide infrastructure and services.
We all understand that innovation has been a hallmark of economic development in response to new challenges and deeper understanding of the conditions that create a strong local economy. An early focus on attracting firms, plants and development projects has expanded to investing in the underlying assets and drivers of economic development: nurturing entrepreneurs, investing in workforce skills, and research and development in new technologies. Another innovation has been transcending individual deals to foster development and change at larger scales: working to strengthen industries, clusters and value chains across many firms and supporting institutions; creating ecosystems across the public and private sectors to deliver diverse resources needed to create and sustain a dynamic regional economy.
The time is ripe for all developing and developed economies to explore and assert innovation in the economic development field both in industries and agriculture. With increasing economic inequality, limited growth in middle income jobs and growing threats to the natural environment on a global scale, practitioners need to broaden the historic goals and boundaries of economic development and explore new strategies and practices. These challenges present new imperatives and new opportunities.
We believe that a shift in the performance of national, regional and local economies in all sectors is needed to build long-term wealth, shared prosperity and a diverse and healthy natural environment. The forth coming conference is anticipated to draw on the ideas, experience and discussions among academics like you and development practitioners to advance thinking on how to incorporate environmental sustainability and economic equity goals into economic development practice. Since deep changes in our economy, institutions and public policies are necessary to achieve a more sustainable and equitable economy, we believe the economic development field has an important leadership and implementation role in promoting and facilitating these changes.
Global climate change, rising sea levels and loss of ecological resources present a growing and urgent threat to healthy and prosperous regions and communities. Economic development practitioners increasingly must consider the environmental consequences of economic activities.
Our goals and strategies need to minimize the environmental impacts of development and promote forms of investment, business organization and enterprise that preserve natural assets, reduce consumption of energy and other natural and agricultural resources, and minimize greenhouse gases and pollutants.