Economic Development Strategy and Action Plan - Perth County

5 Identifying Economic OpportunityA sound Economic Development Strategy builds upon the unique assets and resources of a community,communicating those characteristics to potential investment and development partners in a way thatdemonstrates an inherent value proposition that is unique.In the increasingly networked world of the global economy, such community brands can increasingly beused to build dynamic external linkages that enhance the ability to interact with and compete in the globalmarket. A growing number of entrepreneurial 21 st Century communities are utilizing their localadvantages and emerging technology tools to create international networks designed to spur innovation,investment and job creation, while retaining the cultural and environmental assets of their communities.While combining these trends in local economic development, the selection of economic developmentopportunities is rooted in the philosophy that initiatives must ultimately increase the total wealth within acommunity. There are two main ways to do this:1. Export Development – any initiative that brings new money into the community:• Starting/attracting a business that sells products/services outside the community• Attracting visitors who then buy local products/services• Encouraging existing business to sell their product/service outside thecommunity.2. Import Substitution – any initiative that keeps money in the community:• Encourage people and businesses to buy their goods/services locally rather thanimporting them from another community• Start or attract new businesses that recognize the leakage and provide aproduct/service to stop it.The highest priority initiatives are those that directly increase wealth (e.g. the retention or attraction of abusiness, receiving a visitor). This is an aggressive work plan and to be implemented effectively thereshould be little distraction on non-core issues.Based on the analysis of Perth, Stratford and St.Marys’ economies and trends in the macro-economy, therecommended directions for economic growth are, in priority order:Figure 11 – Priority Economic TargetsPerth County Stratford St. Marys• “Lone Eagles”• Value Added Agriculture• Green and Technology BasedManufacturing• Arts, Culture and Tourism• Main Street CommercialDevelopment• Green and Technology BasedManufacturing• Arts, Culture and Tourism• “Lone Eagles”• Regional Centre CommercialDevelopment• “Lone Eagles”• Green and Technology BasedManufacturing• Main Street CommercialDevelopment• Arts, Culture and TourismThese opportunities put focus on the communities’ current core strengths and maximize use ofunderutilized assets. It also gives aim to new directions that have the potential to shape the region fordecades to come.Perth, St. Marys and Stratford Economic Development Strategy and Action Plan 36 | P age