ROLE OF PARTNERSHIP IN LOCAL ECONOMY

Role of Partnership in Local Economy



Role of Partnership in Local Economy

Introduction

As urban populations in developing countries continue to grow, cities are becoming an increasingly critical component to economic stabilization as well as to overall national development. Recognizing urban migration patterns and the underlying importance of economic growth, local governments must design comprehensive, but flexible strategies that include public-private partnerships and civil society participation. To build and strengthen local capacity, economic development strategies must involve a process to create linkages between stakeholders and a plan for enhancing economic productivity and diversification using local resources.

Local partnerships play an important role in the delivery of workforce and economic development activities in the United States. Partnerships include both public and private organizations and increasingly depend on local business people for leadership. The strong role of the private sector reflects the predominance throughout the country's history of grassroots organizations in addressing local issues and in delivering services. Today, economic development activities are carried out primarily at the local level by nonprofit organizations, with help and guidance from state agencies but minimal involvement from the federal government. Workforce development efforts, on the other hand, have enjoyed a much stronger partnership with the federal government.

The Decision for Partnership

The Justification of the Decision

No company is a division of labour in society without cooperation with other companies in the creation of products or services coming from. In most cases, it is traditional supplier - customer relationships, or long-term without a closer bond between the companies. In the automotive and electronics industries, it became clear long ago that this kind of cooperation not competition enough. The rapid response to changes in the customer market, increasing quality requirements and the variety of new products made closer cooperation with suppliers is required. This requires special care in the selection and qualification process and usually also new systems for electronic access. Nevertheless, this creates no partnership in the true sense (Vignali,1999,165-217).

A partnership is designed for long-term cooperation and, besides the necessary economic and technical basis for business an open exchange of information with respect to the core of a state requires cooperation and mutual trust. As with any supplier relationship is a partnership is only sensible and long-term stable if all the partners draw from this an economic benefit that is usually higher than that, the company could achieve without the partnership. In this sense, quite well as companies enter into partnerships that occur in other areas of the market as competitors. Of course, include non-price and competitive legal agreement not to be discussed here to the content partnership (Vignali,1999,165-217).

Basically, partnerships across all levels of the value of time will be closed. Often partnerships in the development of new products are to be found, when reduced by the close exchange of results and the allocation of development costs and time-to-market time can be shortened. Especially in the area of ??development can be achieved faster as a result of a purchase of development services in terms ...