Richmond adopts Resilient Economy Strategy
25 March 2014
Richmond City Council has approved a new Resilient Economy Strategy, updating the City’s 2002 Economic Development Strategy and setting priority action items for the City’s economic development portfolio for the next three to five years.
“Long-term economic viability requires consistent job creation and business investment, resilient to economic cycle and environmental challenges,” says Mayor Malcolm Brodie. “The Resilient Economy Strategy accomplishes this through a set of initiatives designed to increase Richmond’s attractiveness and ability to accommodate existing and new businesses in strategic sectors, while maintaining our share of regional employment and adapting to a changing economic, environmental and social landscape.”
The Resilient Economy Strategy proposes nine core initiatives and associated action items. Some of these initiatives, such as strengthening Richmond’s role as a gateway for goods import and export and increasing the tourism sector in Richmond, target industries that present growth opportunities based on Richmond’s geographic, community and infrastructure assets. Other initiatives, such as retaining and supporting existing businesses and increasing Richmond’s capacity to accommodate light industrial businesses are intended to strengthen the city as a location for a wide range of businesses.
The Resilient Economy Strategy is the strategic-level blueprint for the City’s economic development efforts in the coming years. To further support the business sector and in conjunction with the strategy goals and core initiatives, Richmond recently formalized and launched a Business Development Program through its Economic Development Office. The program, which includes an annual business outreach campaign and an online business information and service portal (www.businessinrichmond.ca), has generated 46 business retention, expansion, attraction and start up opportunities for Richmond. Data collected through the business development program will be used to measure the outcomes from implementation of the Resilient Economy Strategy.
A copy of the strategy can be found here or by contacting the Economic Development Office at 604-247-4923.