The goal of Economic Council is to use the expertise and synergy of stakeholders to devise and implement strategies for LED. Having this in mind, the council typically includes representatives of both public and private sector, academic community, non-governmental organizations, international donors, and average citizens who have interest and/or a role in economic development. In most cases, the economic council is set up under the auspices of the Mayor.
The purpose of the economic council for Local Economic Development is mainly to:
– Collect information and data in order to determine the reference point within the existing economic sectors, trends and impacts for exploring future opportunities
– Collect inputs from citizens and stakeholders in the field of Local Economic Development,
– Use these inputs for development of strategy plan and management structure for Local Economic Development, which will be visionary, but at the same time grounded in reality
– Establish/strengthen the professional Unit for Economic Development and professional staff in order to facilitate strategy implementation, and to
– Continue with the development of strategy
The ability of Economic Council (EC) is to create both visionary and practical strategy for local economic development largely depends on its organization and management structure. Most commonly, the assistance in creation of EC is provided by an expert for economy development (usually a person who performs related work in the city administration) or an organization which performs related work for the needs of the city (Local Development Agency). The same person/organization provides help in the development of an appropriate management structure for Economic Council.