In different parts of the world, economic development agencies are actively working to attract new businesses and boost local economies. Two examples of such efforts can be seen in Bay County, Nelson Mandela Bay, and Hobsons Bay.
In Bay County, the Economic Development Alliance (EDA) has successfully helped the county land a new aviation maintenance, repair, and overhaul company called Premier Aviation USA Overhaul Services. This project alone is expected to create about 250 jobs and bring in a capital investment of approximately $32.5 million. The EDA is also pursuing two other projects, known as Project Veneer and Project Special Steel, which are expected to create 70 and 150 jobs respectively. Despite facing setbacks with two projects that did not materialize, the EDA's continued efforts have generated attention and interest in Bay County, positioning it as an attractive location for businesses.
Similarly, in Nelson Mandela Bay, the Mandela Bay Development Agency (MBDA) is leading the Bayworld Programme, a plan to revitalize tourism and commerce in the area. This ambitious plan includes 13 projects, such as a revamped oceanarium, an International Convention Centre (ICC), and a nature park and reserve. The precinct is strategically located near a planned new aerotropolis and the inner city, covering 55 hectares of land. The MBDA has already started demolishing dilapidated structures and has done feasibility work and economic modeling. They are actively seeking public-private partnerships (PPPs) and are open to input from potential investors and the community. The projects are expected to cost around R7 billion, and the MBDA is exploring different ways to finance them. The Bayworld Programme aims to increase tourism activity, inject GDP growth into the local economy, and attract more visitors to Nelson Mandela Bay. By enhancing existing attractions and creating new ones, the MBDA believes that the development will extend visitor stays and benefit both the domestic and international tourism markets.
In Hobsons Bay, the local council has officially adopted the Economic Development Strategy 2023-28, aimed at growing, elevating, and transforming the local economy over the next five years. The strategy focuses on three key pillars: Grow, Elevate, and Transform. It aims to build strong and resilient precincts, enhance and promote natural, built, and cultural assets, and support green businesses and the transition to a new green future. The strategy was developed with input from the community and will guide the council's work to support the local economy.
Meanwhile, in Nelson Mandela Bay, the municipality has allocated R18 million to support local artists over the next three years. The Mandela Bay Theatre Complex will be the implementing agency for this initiative. The announcement follows a successful creative industries public engagement event where artists from various communities rallied behind the Creative Mandela Bay Programme. The programme aims to usher in a new era of cultural and artistic prosperity in the region. The approval of the programme allows for the release of funding applications for artist organizations. Major projects highlighted in the programme include the Mandela Heritage Expo and the SA National Jazz Orchestra project. The programme will also allocate funds for special projects targeting veterans in arts, artists living with disabilities, arts education, female artists, writing projects, and marketing and administration. The municipality aims to host monthly events to stimulate continuous engagement with the arts and transform Nelson Mandela Bay into a thriving hub for creativity and artistic expression.
These examples highlight the importance of strategic projects in driving economic development. By attracting new businesses, creating jobs, revitalizing key sectors such as aviation and tourism, and supporting the arts, these agencies are making significant contributions to their respective regions. Through their efforts, Bay County, Nelson Mandela Bay, and Hobsons Bay are positioning themselves as desirable destinations for businesses, visitors, and artists alike.
Sources:
- Panama City News Herald
- Moneyweb
- The National Tribune
- BNN Breaking
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