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CA14 - ANNEX 1
CABINET
- 7 MARCH 2006
ECONOMIC
DEVELOPMENT STRATEGY FOR OXFORDSHIRE
Oxfordshire Economic
Partnership
Economic
Development Strategy for Oxfordshire 2006 – 2015
SUMMARY
Introduction
Oxfordshire’s
economy is competitive, although it still lags behind the South East of
England and the UK in terms of annual growth and Gross Value Added. Oxfordshire
has a healthy mix of industrial sectors and employers and it’s been successful
in starting up businesses which are innovative, high value and productive.
This
strategy has been produced by the Oxfordshire Economic Partnership; it
was set up to provide a shared strategy for public and private organisations
with a keen interest in the county’s economy and to share knowledge and
ideas whilst providing clear leadership to forge ahead with promoting
a successful and sustainable economy.
The
strategy will be implemented by partnerships set up within and between
organisations, one example is the Local Area Agreement process which has
yielded several economic development projects.
The
EDSO is linked to the Regional Economic Strategy 2006 – 2016 which has
been drafted by the South East of England Development Agency (SEEDA).
- Intelligence & Monitoring
Main
Aim: to improve the collection, dissemination and analysis of economic
data by strengthening involvement from the business community and commissioning
new research.
A
sound understanding of reliable statistics and factors affecting the
economy underpins the formation of effective policy. There is a need
for better use of research resources to become more forward thinking
about the factors which could affect Oxfordshire’s economy in the future.
- Global Marketplace
Main
Aim: to work with partners to promote and support the development of
Oxfordshire as a premier global business destination.
In
order to compete with the powerful emerging economies of China and India
whilst maintaining a high quality environment and quality of life for
workers and residents, Oxfordshire companies are going to have to "think
globally" and become more innovative and productive. To grow a prosperous
and inclusive economy Oxfordshire needs to attract sufficient numbers
of competitive businesses to start up, locate and grow.
Oxfordshire
is already competing with business locations around the world and to
remain at the forefront it needs to get its branding and promotion strategy
right.
- Business Environment
Main
Aim: to work with partners to build a supportive environment for businesses
and build an entrepreneurial culture in the county.
Businesses
are important to Oxfordshire because they provide Oxfordshire residents
with income, services, incentives and aspiration. To set up and run
a successful business isn’t easy and entrepreneurial people need support
in the form of investment, workers with the right skills and an enabling
environment including appropriate places to set up and grow.
Businesses
need to know that there is also easily accessible advice and help out
there from either business support agencies or in the form of business
networks and clusters. Businesses also need to know about emerging best
practise and opportunities for innovation, collaboration and cooperation
so that they can reach new customers, discover and refine new products
or utilise new technology to transform their processes.
The
strategy seeks to support entrepreneurialism as it is now by moving
it in to every day business practice – everyone can be innovative and
entrepreneurial in some way - as well as encouraging and growing it
in future generations of Oxfordshire residents, this growth is needed
in order to continually add to a good base of successful responsible
businesses.
- Skills Development
Main
Aim: To support the development of skills and attitudes of Oxfordshire’s
people to support the current and future world class economy.
If
Oxfordshire is to support a world class economy, people need to be supported
to meet their aspirations as well as employers needs. Also a significant
proportion of people who are not working are going to have to join the
labour market; for all it has to be worthwhile and satisfying with opportunities
to develop skills and attributes.
Children
at school need to make informed choices, develop the skills which are
going to see them off to a good start in their careers and give them
attitudes which are going to make them successful.
For
adults already working or unemployed, support has to be available for
them to be confident that they can develop or return to work and that
they and their employer will receive the benefits of a fruitful working
life.
It
will be necessary to join up all of the aspects of enterprise learning
and development at all ages so that people receive seamless support
and advice on careers and getting in to work.
- Oxfordshire’s Environment
Main
Aim: To raise awareness of the needs from an economic development perspective
from infrastructure and the environment and explore innovative ways to
meet them without sacrificing competitive advantage of Oxfordshire’s quality
environment.
The
kind of development required to the transport, business property and housing
infrastructure of Oxfordshire will require substantial investment and
cooperation between central and local government and the private sector
to meet the needs of a world class economy.
The
environment of Oxfordshire is a source of competitive advantage. The strategic
planning authorities in Oxfordshire have worked hard to maintain an attractive
and quality environment for residents and visitors against the pressures
on the environment to be given over to roads, housing and industrial infrastructure.
The
pressures on the environment will be even greater in the future as businesses,
roads and housing seek to expand in the conventional way. This is an opportunity
to think innovatively about how to achieve economic growth in a way that
protects the environment.
Jasmine
Pandher, Economic Development Officer
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