Regional development is a process of economic growth and social cohesion that occurs within a region or a set of regions. It involves the creation of jobs and opportunities for local residents and businesses through investments in infrastructure, talent, and education. It also includes the creation of community-based partnerships between business leaders and anchor institutions to support economic development efforts.
Regional economic development should take a long-term perspective and harmonize economic, social, and environmental goals. It should not deteriorate the ecological and related aspects of a region, and it should not displace existing activities. This view is the foundation of the approach that was promoted by Gunnar Myrdal and Douglass North, both Nobel laureates in economics.
It focuses on the mobilization of endogenous regional factors and potentials – including natural resources, landscapes and tourist sites, qualified labor, specific skills, and competences – that can be used for regional development. It also focuses on the interrelation between different sectors, for example agriculture and craft-based industries, tourism, and services, with the aim of developing strategies that take into account their complementarities and strengths.
It aims to promote cooperation between various regions and countries in order to foster innovation and economic growth and to create new opportunities for employment. It also aims to increase the resilience of regional economies and communities in the face of natural disasters and other shocks, such as changing lifestyle preferences and changes in global markets. It also aims to promote cultural exchange and cooperation, and to foster mutual understanding and tolerance.
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