STRATEGIC PLANNING OF REGIONAL ECONOMIC DEVELOPMENT

This paper shows how regions can undertake effective strategic planning and is addressed to economic development practitioners or anyone with an interest in this area. Is presented a strategic planning framework that is based on seven phases. Strategies can always be improved whatever the context they are formulated in, especially since regions exist in a dynamic environment. Strategic planning usually occurs as an ongoing cycle of activity in order to respond to changing circumstances and new opportunities. The regional approach complements national level policy initiatives. While it is important that national policy settings encourage business development, the regional level can be thought of as the "sharp end" where the economic activity actually occurs.