Economic Development Priorities

Key Priorities

• Focus on creating jobs as the primary driver for economic development:
  • Jobs provide a sense of purpose.
  • Enable individuals to improve their standard of living.
  • Reduce government burden on welfare.

Government Responsibilities

1. Facilitate Business Setup and Operation
   • Simplify the process for companies to establish and operate.
   • Implement a one-stop shop for licensing and registration.
2. Human Capital Development
   • Ensure population receives adequate training.
   • Prepare the workforce to be readily employable.

Factors for Business Environment

• Ease of Doing Business
  • Quick setup processes.
  • Efficient management of labor relations and unions.
• Growth Opportunities
  • Access to free trade agreements.
  • Access to economic zones for business expansion.

Measuring Economic Development

• Beyond GDP: Consider holistic measures of development.
• Sustainable Economic Development Assessment
  • Evaluates economic growth in a comprehensive manner.
  • Measures include:
    • Civil society
    • Governance
    • Health
    • Education standards
    • Income levels
• Projects fulfilling these criteria provide long-term societal benefits.