Agency overview | |
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Formed | 1965 |
Jurisdiction | Federal government of the United States |
Headquarters | Herbert C. Hoover Building Washington, D.C. |
Agency executive |
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Parent agency | Department of Commerce |
Website | www |
The U.S. Economic Development Administration (EDA) is an agency in the United States Department of Commerce that provides grants and technical assistance to economically distressed communities in order to generate new employment, help retain existing jobs and stimulate industrial and commercial growth through a variety of investment programs. EDA works with boards and communities across the country on economic development strategies. [1]
In 1965, Congress passed the Public Works and Economic Development Act of 1965 (PWEDA) (42 U.S.C. ch. 38), which authorized the creation of the Economic Development Administration (EDA) to generate jobs, help retain existing jobs, and stimulate industrial and commercial growth in economically troubled areas of the United States. EDA assistance is available to rural and urban areas of the United States experiencing high unemployment, low income, or other severe economic distress.
The EDA's stated mission is to "lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy." [2]
The EDA's investment policy is designed to establish a foundation for sustainable job growth and the building of durable regional economies throughout the United States. This foundation builds upon two key economic drivers - innovation and regional collaboration. Innovation is the key to global competitiveness, new and better jobs, a resilient economy, and the attainment of national economic goals. Regional collaboration is essential for economic recovery because regions are the centers of competition in the new global economy and those that work together to leverage resources and use strengths to overcome weaknesses will fare better than those that do not. EDA encourages its partners around the country to develop initiatives that advance new ideas and creative approaches to address rapidly evolving economic conditions. [2]
EDA's investment priorities are: [3]
The EDA is the only federal government agency solely focused on economic development. EDA works with communities and boards across the country on regional economic development strategies to attract private investment and create jobs in economically distressed areas of the United States.
EDA's economic footprint is wide and its tool box is extensive—including technical assistance, post-disaster recovery assistance, trade adjustment support, strategic planning and research and evaluation capacity, thereby allowing the agency to offer the most effective investment to help communities succeed in the global economy. [2]
EDA's primary programs and national initiatives are: [4]
EDA leads a host of multi-agency initiatives to advance intergovernmental and public-private partnerships across the nation. These initiatives include: [5]
The Inter-American Development Bank is an international financial institution headquartered in Washington, D.C., United States of America, and serving as the largest source of development financing for Latin America and the Caribbean. Established in 1959, the IDB supports Latin American and Caribbean economic development, social development and regional integration by lending to governments and government agencies, including State corporations.
Regional policy is the sum of a series of policies formulated according to regional differences to coordinate regional relations and regional macro operation mechanism, which affects regional development at the macro level. It includes regional economic policy, regional social policy, regional environmental policy, regional political policy, regional cultural policy, etc.Regional policy aims to improve economic conditions in regions of relative disadvantage, either within a nation or within a supranational grouping such as the European Union. Additionally, a regional policy may try to address high levels of unemployment and lower-than-average per capita incomes. Its main tool is public investment.
The Appalachian Regional Commission (ARC) is a United States federal–state partnership that works with the people of Appalachia to create opportunities for self-sustaining economic development and improved quality of life. Congress established ARC to bring the region into socioeconomic parity with the rest of the nation.
The Office of Local Defense Community Cooperation (OLDCC), formerly the Office of Economic Adjustment (OEA), is a United States Department of Defense (DoD) field activity and provides technical and financial assistance to states, territories, and communities that are invested in the defense mission. OLDCC assistance supports the readiness and resiliency of both defense installations and defense communities.
The European Social Fund Plus (ESF+) is one of the European Structural and Investment Funds (ESIFs), which are dedicated to improving social cohesion and economic well-being across the regions of the Union. The funds are redistributive financial instruments that support cohesion within Europe by concentrating spending on the less-developed regions.
The United States and North Macedonia enjoy excellent bilateral relations.
Kenya Vision 2030 is a Kenyan development program, aiming to raise the average standard of living in Kenya to middle income by 2030. It was launched on 10 June 2008 by President Mwai Kibaki. Developed through "an all-inclusive and participatory stakeholder consultative process, involving Kenyans from all parts of the country," the Vision is based on three "pillars": Economic, Social, and Political. The Vision's adoption comes after the country's GDP growth went from 0.6% in 2002 to 6.1% in 2006, under Kibaki's Economic Recovery Strategy for Wealth and Employment Creation (ERS).
Workforce Innovation in Regional Economic Development (WIRED) was a project of the United States Department of Labor. It provided a new approach to workforce and economic development. Through the WIRED model, regions integrated economic and workforce development activities to demonstrate that talent development can drive economic transformation in regional economies across the United States.
Karen Gordon Mills is an American businessperson and former government official who served as the 23rd Administrator of the U.S. Small Business Administration (SBA). She was nominated by President-elect Barack Obama on December 19, 2008, confirmed unanimously by the Senate on April 2, 2009, and sworn in on April 6, 2009. During her tenure, her office was elevated to the rank of Cabinet-level officer, expanding her power on policy decisions and granting her inclusion in the President's cabinet meetings. On February 11, 2013, she announced her resignation as Administrator and left the post on September 1, 2013.
Local economic development (LED) is an approach to economic development, of note in the developing world that, as its name implies, places importance on activities in and by cities, districts and regions. Local economic development combines economic development activities, urban planning, infrastructure development and social development activities to improve local conditions. LED encompasses a range of disciplines including physical planning, economics and marketing, all with the goal of building up the economic capacity of a local area to improve its economic future and the quality of life for all.
The Federal Ministry of Budget and Economic Planning is one of the Federal Ministries of Nigeria.
Los Angeles County Economic Development Corporation (LAEDC) is a public-benefit nonprofit corporation established in 1981 by the Los Angeles County Board of Supervisors. Its mission is “Reinventing our economy to collaboratively advance growth and prosperity for all.” The LAEDC was originally formed to facilitate Los Angeles County's economy with programs to improve and stimulate economic development to ameliorate conditions of poverty, community tensions, and social and economic disparities.
The Ministry of Business, Innovation and Employment is the public service department of New Zealand charged with "delivering policy, services, advice and regulation" which contribute to New Zealand's economic productivity and business growth.
The South Asia Subregional Economic Cooperation (SASEC) Program, set up in 2001, brings together Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka in a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries, and strengthening regional economic cooperation. As of June 2020, SASEC countries have implemented 61 regional projects worth over $13 billion in the energy, transport, trade facilitation, economic corridor development, and information and communications technology (ICT) sectors. The Manila, Philippines-based Asian Development Bank (ADB) serves as the Secretariat for the SASEC member countries.
Visakhapatnam–Chennai Industrial Corridor (VCIC), also Vizag–Chennai Industrial Corridor, is a key part of the East Coast Economic Corridor (ECEC), India's first coastal corridor. VCIC is aligned with the Golden Quadrilateral and is poised to play a critical role in driving India’s Act East Policy and Make in India campaign. The nearly 800-kilometer corridor links India with the Association of Southeast Asian Nations (ASEAN) and East Asian economies that form the bedrock of global manufacturing economy. The corridor traverses nine districts of the state of Andhra Pradesh. VCIC intends to complement the ongoing efforts of the Government of Andhra Pradesh (GoAP) to enhance industrial growth and create high quality jobs.
The East Coast Economic Corridor (ECEC) is India’s first coastal economic corridor, covering 2500 km of India's coastline, to be developed with the help of the Asian Development Bank (ADB). The ADB is to invest $500 million in infrastructural development of the project. Since late 2013, ADB has been supporting studies on transport corridors in India. Phase 1 of the ECEC is Visakhapatnam-Chennai Industrial Corridor (VCIC) which had been approved by the ADB board in October 2016. The ECEC running along the entire east coast of India from Kolkata to Kanyakumari, is a multimodal, regional maritime corridor that can play a vital role in unifying the large domestic market, as well as integrating the Indian economy with the dynamic global value chains of Southeast and East Asia. It would play a crucial role in the Government of India’s (GoI) Make in India campaign and also supports the port-led industrialization strategy under the Sagar Mala initiative and the Act East Policy by linking domestic companies with the vibrant global production networks of East and Southeast Asia.
This article examines trends and developments in science and technology in Malawi.
The Ministry of SMEs and Startups is a ministry of the Republic of Korea, established in July 2017 by the Moon Jae-in government. It succeeds the former Small and Medium Business Administration. The headquarters are located in Sejong City, Sejong. As of February 2021, Lee Young, a member of the National Assembly and People Power Party, has been appointed as the South Korean Minister of SMEs and Startups.
Next Generation EU (NGEU) is a European Commission economic recovery package to support the EU member states to recover from the COVID-19 pandemic, in particular those that have been particularly hard hit. It is sometimes styled NextGenerationEU and Next Gen EU, and also called the European Union Recovery Instrument. Agreed in principle by the European Council on 21 July 2020 and adopted on 14 December 2020, the instrument is worth €750 billion. NGEU will operate from 2021 to 2026, and will be tied to the regular 2021–2027 budget of the EU's Multiannual Financial Framework (MFF). The comprehensive NGEU and MFF packages are projected to reach €1824.3 billion.
The Economic Recovery Plan 2021 is a €3.5 billion stimulus package announced by the Government of Ireland on 1 June 2021 to achieve rapid job creation and economic growth after the COVID-19 pandemic. The plan sets out a new phase of supports, investment and policies for a new stage of economic recovery and renewal, with new measures for businesses and affected sectors, and details for existing emergency pandemic financial supports including the COVID-19 Restrictions Support Scheme, Employment Wage Subsidy Scheme and Pandemic Unemployment Payment, giving certainty to businesses and employees and for those who need it most.