Washington, D.C. December, 10, 2015. The future is in the cities. They are where residents live and where they work, growth centers and innovation hotspots. But they are also the centers of poverty and in many instances of unemployment. Improving city competitiveness is key to turning an average city into a successful urban center where businesses grow, creating jobs and higher incomes. A World Bank Group team explored this through the question, “What Makes a City a Startup Powerhouse?”
Since January 2014, which tested two essential questions concerning the requirements that a city should meet to become competitive and how to make more cities more competitive. The resulting report, Competitive Cities for Jobs and Growth: What, Who, and How, says that enhancing the city competitiveness has the main idea of ridding extreme poverty and ensuring prosperity to all citizens. According to Stefano Negri, senior private sector development specialist, and a member of the team of “Competitive Cities”, people consider, that there is an opinion about cities and economic.
A Healthy Ecosystem
Development, and these issues are captivating, pressing, and confusing at the same time. But few cite hard evidence—evidence that is realistic and actionable for policymakers in the short term. This is what we will aim at doing. Out of the 750 cities in the world which were examined in the report, three-quarters expanded quicker than economies in the countries in which they are situated since the beginning of 2000s. By having more competitive cities, it is possible to create several million more jobs every year.
An important aspect of this possible job creation in the country is the private sector which usually constitutes three-quarters of the job creation taking place globally. In an attempt to enhance competitiveness, municipal governmental administrations should choose the regulatory steps, and create measures aiming at drawing the attention of the privately starting, sustaining it, and growing it. Other cities can use these features in shaping and in realising.
Boosting Entrepreneurship
Their own economic development strategies. Not all the competitive cities are known, capital cities or trade centers of the world. This is usually passed off as a second city that is fast industrializing. Some of its competitive cities, per study data, include; Saltillo (Mexico) Meknes and Tangier (Morocco), Coimbatore (India), Gaziantep (Turkey), Bucaramanga (Colombia), Onitsha, (Nigeria) and Changsha (China). It was a surprise that these competitive cities succeeded. The performance of most in the face of hardship like being in a landlocked or a backward region of the country was also good.
Then the question is how did these competitive cities end up being successful? Several aspects are addressed in the analysis of the report, such as the economic makeup of the cities and the form of policies that have been used in jumpstarting the growth. Not every city remakes its economy to turn out competitive. They often just do better whatever they are already doing. Niche products and markets in tradable goods and services have been discovered in competitive cities and not necessarily retail and public services. To boost economic growth, thriving cities take into account.
Scaling Up
Three growth sources such as growing internal business, forming new businesses, and attracting investors.
Competitive cities tailor their decisions and actions in order to make each region more competitive to the local conditions and political economy, potential opportunities in the economy, and the needs of the businesses. Their interventions are on institutions and regulation, infrastructure and land, skills and innovation, and business supports and financing. And they target these regulatory tools in the direction of achieving an attraction environment of the business.
In the direction of directing proactive economic development investments within the certain areas. In competition cities: a) the business leaders were consulted and their real needs and limitations that they faced in their performance were considered; b) the infrastructure investment was done with the consultation of the companies and industries they planned to serve; c) skill related projects were also developed in association with business so that it could satisfy the reality needs of the business; and d) the industries were assisted with supportive actions in the areas where their business.
Conclusion
Showed the true commercial promise and the harmony was created with industries and the private sector, not only with the government sector. To give an example, Gaziantep is the sixth city in Turkey. It had some 120,000 inhabitants in it in the 1970s alone. In the present, it is the population of 1,840,000 people with approximately 300,000 of Syrian ones being the refugees. Gaziantep lacks high-tech business conglomerates, it is not a port city and its natural resources are not significant. Nevertheless, Gaziantep companies that deal with light manufacturing export their goods to 175 countries worldwide.
Its exports have grown ten times over a period of 11 years, up to USD 6200 million in 2013 as compared to USD 620 million in 2002. It ranked 9th in the world with regard to economic growth during the period between 1999 and 2009. The growth of the gross domestic product (GDP) between 2005 and 2012 averaged at 6.3 per cent per annum with the rate of employment rising annually at 3.6 per cent. Gaziantep is not a very competitive city. The processes are huge in importance. When describing the most competitive cities, not only the regulatory measures or reforms.