Empowering local communities and private sector as active agents of the economic development

Emilio Rabasco

Facilitator

November 5, 2024 | 17:00 - 18:30

Voices from Cities - room B

FAMSI

Spain

English

Reference:

VC-B 5

WUF12

Voices from Cities

Summary

Local Economic Development (LED) is a crucial element by which national, regional and local governments, private sector, and civil society collaborate to improve the economic well-being and quality of life in a community. The primary objectives of local economic development are to stimulate economic growth, create jobs, and improve living standards by leveraging local resources and addressing specific community needs.

The World Forum of Local Economic Development (WFLED) to be held from 1 to 4 April 2025 in Seville, Spain, is a platform event that brings together practitioners, policymakers, and academics to discuss strategies, share experiences, and promote best practices in local economic development. Initiated in 2011, the forum serves as a platform for dialogue and collaboration among diverse stakeholders from different parts of the world and it aims to foster sustainable development by encouraging inclusive economic practices that prioritize the needs of local communities.
WFLED will address critical issues such as poverty reduction, social inclusion, environmental sustainability, and innovative economic models and promotes the idea that local development can significantly contribute to global challenges. The forum facilitates knowledge exchange through workshops, plenary sessions, and networking opportunities, enabling participants to develop effective local economic development strategies tailored to their unique contexts. By highlighting successful case studies and fostering partnerships, WFLED empowers communities to build resilient and sustainable economies.

As part of this side event, it will be showcased how Egypt involves the private sector in local development through Economic Partnerships Councils (EPCs) which contributes to the main outcomes of the WFLED. It will highlight EPCs' role in participatory decision-making, transparency, and accountability. Case studies from Sharkia and global examples will demonstrate EPCs' benefits in governance, resource allocation, and stakeholder engagement. Participants will learn strategies for economic resilience, social inclusion, and environmental sustainability.

The side event will also serve to drive the localization of the SDGs, the implementation of the New Urban Agenda, and other development agendas, as well as to enhance reflection within the framework of the Climate Summit (COP29) and the Summit of the Future, among others.

Objectives

The main goals of this event are to foster dialogue and knowledge exchange by providing a platform for sharing global experiences and best practices in local economic development. It aims to build development models tailored to each territory’s unique needs by leveraging local experiences and fostering community-driven solutions.

Additionally, the event seeks to strengthen a global alliance by forming a coalition to advance discussions on local economic development, identify priority actions, and coordinate concrete measures.

Another key objective is to contribute to the localization of the 2030 Agenda by aligning local actions, promoting cooperation to achieve Sustainable Development Goals (SDGs) at the local level. The event also aims to highlight the effectiveness and impact of local economic development as a means to improve quality of life and reduce inequalities, sharing successful models to inspire other communities. Raising awareness about private sector involvement is another important goal, emphasizing the role of the private sector in local economic development initiatives, particularly through Energy Performance Contracts (EPCs).

This event will also generate actionable insights and recommendations to inform policy-making, planning, and implementation efforts related to local economic development.