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In Macedonia this process of developing LED strategies is continually developing whereas in United States and some West European countries the same process is moving to another level, using the advantages of Urban Marketing as an indispensable element within the strategies for LED. This is what we are going to talk about in the next part, about Urban Marketing, factors for success, some good practices and the process needed to complete in order to do successful implementation.

Later we are going to give retrospection on the situation in Macedonia at the moment with an emphasis on the Local Economic Development and talk about the main role of the LED sector in the country. This graduation paper also cover one real example of how the LED sector is filling the city budget and improve the living standard by participating in project development for LED. In short explains the management process from searching to preparing the project and describes the main marketing activities which is undertaking for the project.

This paper in total is not to show that LED strategies and marketing activities must be perused, but to raise the awareness for the need of LED strategies and marketing activities for developing local welfare, improving the economy and the living standard in the new era of globalization, and increased global competition and to move step forward and stat using this new LED component, Urban Marketing. All around the world, local governments, the private sector and civil society are demanding better ways to achieve local economic development, a cornerstone of sustainable development.

This is due to the fact that local governments face increased democratic reforms and greater decentralization at the same time as massive transformations are taking place in the global economy resulting from trade liberalization, privatization, and enhanced telecommunications. The significance of these changes is that citizens and local governments now face formidable challenges, greater opportunity, and growing responsibility to work together to address the economic health of municipalities and the livelihood of their local citizens, many of whom may be under- or unemployed and living in poverty.

What is Local Economic Development? 1. Local economic development (LED) is a participatory process in which local people from all sectors work together to stimulate local commercial activity, resulting in a resilient and sustainable economy. It is a way to help create decent jobs and improve the quality of life for everyone, including the poor and marginalized. 2. Local Economic Development (LED) is an approach to development, particularly in the Third World that, as its name implies, places importance on activities in and by cities, districts and regions. 1] 3. The purpose of local economic development (LED) is to build up the economic capacity of a local area to improve its economic future and the quality of life for all. It is a process by which public, business and nongovernmental sector partners work collectively to create better conditions for economic growth and employment generation. [2] Local economic development encourages public, private and civil society sectors to establish partnerships and collaboratively find local solutions to common economic challenges.

It focuses on enhancing competitiveness increasing sustainable growth and ensuring that growth is inclusive. The LED process seeks to empower local participants to effectively utilize business enterprise, labor, capital and other local resources to achieve local priorities (e. g. , to promote quality jobs, reduce poverty, generate municipal taxes). LED practitioners have many actions available to them. For LED to be successful, participants and practitioners should have knowledge of these actions and be committed to a process to achieve sustainable results.

A LED strategy is a process-oriented and non-prescriptive endeavour incorporating: ? Local values (poverty reduction, basic needs, local jobs, integrating social and environmental values); ? Economic drivers (value-added resource use, local skills training, local income retention, regional co-operation); and ? Development (the role of structural change, quality of development). [pic] Figure no. 1. LED framework This suggests that LED is not about “quick fixes” or generating “wish lists. It requires a practical understanding of what the local area does well and what it has to offer; where its weakness and gaps lie, what outside threats and opportunities exist; and, what the local area wants and needs. Undertaking LED requires knowledge of a local area’s regional economic linkages, including its competitive advantage and cooperation opportunities.

Success in LED depends on encouraging a business environment where markets can operate efficiently, but appropriately, within the local context. In most local areas (especially in developing or transition countries), micro, mall and medium-sized enterprises should be strongly supported and encouraged to take the lead as they play a key role in creating new local employment, wealth and tax generation. Visible results can help maintain momentum in the short term, and simply initiating a single project focusing on one critical issue might pave the way for long-term success. Ultimately, LED is about sustainable development in the long-term, for it takes time to change local conditions and mind sets, build capacity, organize participatory processes and empowers stakeholders, especially the poor.

What is the purpose of the LED? Local Economic Development strategies promote local dialogue and enable people to be more proactive; help to make local institutions better contribute to development; make economic activity dependent on the comparative advantages of a specific territory, generating development by firms more capable to withstand changes in the global economic environment rather than top-down development imposed by national planners. 1] Economic development activities in developing countries tend to be unidisciplinary, initiated and implemented by just one ministry or agency. An advantage of LED approaches is that they facilitate a multidisciplinary approach. Local Economic Development (LED) promotes economic revitalization in communities severely impacted by economic dislocation. What LED encompasses and where are LED strategies pursued? LED encompasses a range of disciplines including physical planning, economics and marketing.

It also incorporates many local government and private sector functions including environmental planning, business development, infrastructure provision, real estate development and finance. The practice of local economic development can be undertaken at different geographic scales. A local government pursues LED strategies for the benefit of its jurisdiction, and individual communities and areas within a local government’s jurisdiction can also pursue LED strategies to improve their economic competitiveness.

Such approaches are most successful if pursued in partnership with local government strategies. LED is a thus about community continually improving their investment climate and business enabling environment to enhance their competitiveness, retain jobs and improve incomes. Local communities respond to their LED needs in many ways, and a variety of approaches can be taken that include: ? Ensuring that the local investment climate is functional for local businesses; ? Supporting small and medium sized enterprises;