A focus on sustainable development recognises the wide range of inter-related issues that impact on industry and regional growth and subsequent wealth and job creation, such as human capability, infrastructure, regulations, and the sustainable use of natural resources. An accompanying paper discusses the concept of sustainable development. Regional development could adopt a narrow focus solely on business and employment growth, but this would ignore significant factors in the environment that impact on individuals, businesses, industries and communities. For this reason a narrow focus would be limited in its ability to create jobs, close the gaps and foster sustainable development. Given this, a broader focus for regional development policy is necessary to weave the issues into a cohesive fabric that will underpin local strategies for sustainable, inclusive growth.
Regional development is therefore about applying sustainable development on a regional scale.
The aim is to assist individuals, business and communities within regions to identify local opportunities, develop capability and capacity to respond to opportunities, and exploit opportunities. It is an approach based on using local competitive advantages, making the most of available resources, businesses and people, rather than providing a vehicle for transfers from prosperous to less prosperous regions. As indicated in the accompanying paper on sustainable development, a critical next step will be communicating this approach both within the public sector and with key stakeholders, including the development of a clear and credible vision of the future and a set of national objectives. The vision and national objectives will help define the parameters of and priorities for the government's engagement with regions. A Regional Development Strategy 24.