Friday, May 11, 2012

Boosting Regional Economic Clusters

We have been brought up with many fables with moral. The most relevant one today is the moral – “Union gives Strength” from the traditional story of a bundle of sticks. This is specifically pertinent for creating competitive advantage amongst SMEs and is vital in the ever evolving globalized world.
The role of SMEs is gradually becoming prominent for Sustainable Development and Inclusive Growth initiatives in most countries and fittingly justifies the tag backbone of the economy.
The three prongs of sustainable development were elaborately discussed in our SEMINARY in April 2012. This article specifically delves into bolstering economic initiatives at the region level and in a cluster format to drive the much desired growth.
The challenge for the management of any cluster is to ensure at all times that everyone is growing reasonably – the cluster, economy of the region, enterprises, financial status of the government bodies like municipality, administration, people in general and the environment is protected. The governance factor is also of prime importance in this age of globalization. There should be systems and processes for regular assessment and control of the overall cluster. In the long run, it should be able to build a strong community feeling in the region.
Published in SME WORLD May 2012 Issue. Click Here