𝗧𝗵𝗲 𝗨𝗞 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗶𝘀 𝗰𝗼𝗺𝗶𝗻𝗴 𝗼𝘂𝘁 𝗯𝗹𝗮𝘇𝗶𝗻𝗴 𝘁𝗼 𝗮𝘁𝘁𝗿𝗮𝗰𝘁 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁. 𝗧𝗵𝗶𝘀 𝗻𝗲𝘅𝘁 𝗳𝗲𝘄 𝘆𝗲𝗮𝗿𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝗮 𝗴𝗮𝗺𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝗿 𝗳𝗼𝗿 𝗺𝗮𝗻𝘆 𝗹𝗼𝗰𝗮𝗹 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗲𝘀.
𝘼𝙧𝙚 𝙮𝙤𝙪 𝙖𝙣𝙮 𝙜𝙤𝙤𝙙 𝙖𝙩 𝙖𝙩𝙩𝙧𝙖𝙘𝙩𝙞𝙣𝙜 𝙞𝙣𝙫𝙚𝙨𝙩𝙢𝙚𝙣𝙩?
In the competitive arena of inward investment, 𝗮 purely 𝗿𝗲𝗮𝗰𝘁𝗶𝘃𝗲 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵 𝘄𝗼𝗻’𝘁 𝗰𝘂𝘁 𝗶𝘁. Success hinges on a proactive, strategic, and data-driven approach.
𝗧𝗵𝗲 𝗡𝗔𝗖𝗘 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝘀 𝗮 𝘃𝗮𝗹𝘂𝗮𝗯𝗹𝗲 𝘁𝗼𝗼𝗹 𝗳𝗼𝗿 𝘀𝗲𝗹𝗳-𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁. 𝙄𝙣 𝙩𝙝𝙚 𝙛𝙪𝙣𝙘𝙩𝙞𝙤𝙣 𝙤𝙛 𝙞𝙣𝙬𝙖𝙧𝙙 𝙞𝙣𝙫𝙚𝙨𝙩𝙢𝙚𝙣𝙩 𝙖𝙩𝙩𝙧𝙖𝙘𝙩𝙞𝙤𝙣 𝙖𝙣𝙙 𝙧𝙚𝙩𝙚𝙣𝙩𝙞𝙤𝙣, 𝙖𝙧𝙚 𝙮𝙤𝙪 𝙖…?
𝗡𝗼𝘃𝗶𝗰𝗲: Limited understanding of inward investment, no clear place brand, and minimal effort in attracting foreign investors.
𝗔𝗽𝗽𝗿𝗲𝗻𝘁𝗶𝗰𝗲: Basic understanding, limited marketing, and relies heavily on referrals.
𝗖𝗼𝗺𝗽𝗲𝘁𝗲𝗻𝘁: Prioritizes inward investment, has a defined place brand, and actively seeks to attract investors.
𝗘𝘅𝗽𝗲𝗿𝘁: Proactive and strategic, with a strong brand, sophisticated marketing, and deep engagement with international investors. Uses the latest technologies, data sources and AI.
𝗧𝗵𝗲 𝗗𝗮𝗻𝗴𝗲𝗿𝘀 𝗼𝗳 𝗖𝗼𝗺𝗽𝗹𝗮𝗰𝗲𝗻𝗰𝘆
Complacency, and doing nothing can be detrimental because…
𝘔𝘢𝘳𝘬𝘦𝘵 𝘥𝘺𝘯𝘢𝘮𝘪𝘤𝘴 𝘤𝘩𝘢𝘯𝘨𝘦: Ignoring global trends and the evolving needs of international businesses can leave a region vulnerable to competitive pressures.
𝘓𝘰𝘴𝘴 𝘰𝘧 𝘤𝘰𝘮𝘱𝘦𝘵𝘪𝘵𝘪𝘷𝘦 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦: Without proactive engagement, regions risk losing ground to competitors who are actively marketing themselves to foreign investors.
𝘔𝘪𝘴𝘴𝘦𝘥 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴: Failing to understand the needs of existing international firms can lead to poor policy decisions.
𝗔 𝗽𝗿𝗼𝗮𝗰𝘁𝗶𝘃𝗲 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵 𝘁𝗼 𝗶𝗻𝘄𝗮𝗿𝗱 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗶𝘀 𝗰𝗿𝘂𝗰𝗶𝗮𝗹
𝘜𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 𝘮𝘢𝘳𝘬𝘦𝘵 𝘵𝘳𝘦𝘯𝘥𝘴: Active engagement in the international investment arena provides valuable insights into emerging trends, technologies, and investor preferences.
𝘉𝘶𝘪𝘭𝘥𝘪𝘯𝘨 𝘢 s𝘵𝘳𝘰𝘯𝘨 b𝘳𝘢𝘯𝘥: A well-defined and effectively marketed place brand enhances a region’s attractiveness to foreign investors.
𝘋𝘦𝘷𝘦𝘭𝘰𝘱𝘪𝘯𝘨 𝘤𝘰𝘮𝘱𝘦𝘵𝘪𝘵𝘪𝘷𝘦 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦: By identifying and addressing the specific needs of international businesses, regions can create unique and compelling investment propositions.
𝘚𝘶𝘱𝘱𝘰𝘳𝘵𝘪𝘯𝘨 𝘦𝘹𝘪𝘴𝘵𝘪𝘯𝘨 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴: Building strong relationships with existing international firms fosters loyalty and encourages further investment.
A competency framework for local economic development: using evidence and intelligence
Do you ever feel like you're constantly playing catch-up in the fast-paced world of local and regional economic development? You're not alone. The sheer volume of information and the pressure to deliver results in a political environment can leave even the most...