Decentralized Economic Development
The first Millennium Development Goal is to eradicate extreme poverty and hunger, while the third Millennium Development Goal is to promote gender equality and empower women. PSD is committed to local economic development as a tool to help achieve these goals, through facilitating market-driven economic development aimed at vulnerable populations. While many organizations with a market-based approach focus on large scale economic growth, PSD aims to assist those businesses and individuals typically left out by fostering a community-based participative approach to local economic development. PSD’s experts take the perspective that fostering economic growth is most effective when implemented in such a way as to allow business owners, farmers, local government, youth, and citizens from all walks of life to partake in the development and implementation of specific, community-based economic strategies. This approach helps communities to understand business principles, market realities, and public-private dialogue mechanisms in order to build trust and facilitate collaborative implementation of economic strategies. Fostering this ownership ensures that every stakeholder and citizen works towards the common goal of improving their local economy.
PSD’s approach uses leadership mapping tools to ensure that all key players are identified and brought to the table early on, taking care to include those populations that have traditionally been left out of the process. Encouraging participation ensures that the strategy development and implementation will benefit the entire community – not only large or traditional economic players. Getting everyone on board early also helps to create an atmosphere open to change, which helps support the transformation needed in the local enabling environment and services. PSD’s associates have carried out competitiveness, community development, relief, and investment programs, developing sector-specific expertise in numerous industries worldwide. PSD experts’ extensive work with supply and value chain development has enabled communities to understand the role that they play in fostering and supporting thriving linkages with domestic and international markets, and local value addition.
PSD is both committed and equipped to provide unique, community-driven solutions to each locality we work with. PSD’s approach to local economic development supports communities with economic planning and collaborative implementation of those plans, through promotion of local entrepreneurship and enterprise development to better incorporate populations that have been traditionally excluded. PSD offers a proven toolkit of methodologies which it can apply and adapt to each locality’s situation, including approaches to generating multiple streams of income for localities that are highly dependent upon one or a few sectors for their entire livelihood, cost-sharing grant-funded initiatives for long-term sustainability, and an approach which links the workforce needs of the private sector for improving the drivers of competitiveness with university curricula.
Market-based Solutions Senegal