Regional economic development is one of the key means by which governments seek to reduce and remove regional disparities

in economic and social well-being. Economic development is about strengthening the local economy. It is primarily aimed at entrepreneurs who are creating, expanding, or diversifying a business. These businesses bring employment, investment, and needed services to the region and provide residents with alternative sources of income. One growing understanding in economic development is the promotion of regional clusters and a thriving metropolitan economy. In todays global landscape, location is vitally important and becomes a key in competitive advantage. The cluster of similar industries, specialties, skilled labor force, and technologies help lower transaction costs and foster a growing environment of commerce, entrepreneurship, exports, and other market productive activities. Additionally, local services such as restaurants, stores, and trades experience growth as well, helping to develop a vibrant region for the wider community. At the same time, investments in communities and infrastructure make economic opportunities possible. Sub-standard roads make moving products or attracting customers difficult; an active or centralized community could support local stores; rail stations, airport facilities, cell coverage, and high speed internet connections, all making development opportunities feasible. As for the resource development we take Peace River Regional District (PRRD) in Dawson Greek BC as one of the example issues, specifically agricultural and oil and gas development, has been the dominant form of economic development in the rural Peace Region. Role of the Peace River Regional District (PRRD) to participates with, and helps fund, two economic development commissions, one for the North Peace and one for the South Peace. The commissions seek to attract business to the region and financially support businesses that diversify and strengthen the local economy. The Regional Board also communicates with utility companies, such as telecommunications and transportation organizations, regarding expanding and maintaining infrastructure throughout the Regional District. Whereas, role of the Official Community Plan (OCP) is to identify areas suitable for commercial or industrial development. If an application for development is required, the OCP can direct the PRRD to closely or broadly consider a variety of issues, including environmental and community factors.

Agricultural development allowed residents to live off the land and is what has traditionally built communities. Logging, with lumber being processed in the municipalities, has provided local employment. Oil and gas drilling has built an extensive infrastructure of wells and pipelines, and has provided employment, rents on land, and contributions to community events. There are numerous factors in economic development. Such as: Transportation investments opened the Peace Region to out-of-region markets and allowed outside producers and businesses to reach the Peace Region. The oil and gas industry in particular has been heavy users of roads; they have built many kilometers of new roads and paid taxes to improve existing roads. Municipalities provide facilities to process the resources from the rural areas, house a large supply of labour, and provide services to all residents of the Peace Region. Telecommunication infrastructure has made a new range of services and businesses possible. While internet and cell coverage has not totally covered the Peace Region yet, there is much potential in this field. The land base can support many types of development. This rural Peace Region has a geographically large and mostly flat landscape with few water sources.

While we take WYG International as the company cases that has been involved in the design, development and implementation of regional economic development policies and programmes for over 20 years as a leading adviser in Central, Eastern and South Eastern Europe and Southern Africa. They have provided advice, technical assistance and capacity development to national, regional and local governments, agencies and businesses. The disparities that these agencies face can be caused by a number of factors, each of which may require a different response. WYG International has significant global experience in responding to all of the following situations:

The decline of traditional industries due to exhaustion of resources or global changes in supply and demand, leading to long-term unemployment, poverty and social exclusion

The differences in prosperity between urban and rural areas

Transitions in the economic management systems of countries, such as a move from a centrally-planned economy, or even a break-up of a previous union, such as the USSR or the former Yugoslavia

The legacy of war, particularly on border areas and newly-independent states leading to a lack of private sector investment, polarised communities and depopulation

On top of that, WYG International has a unique understanding of the difficulties and opportunities involved in developing and transitional countries. Much of this experience comes from local experts with direct experience of economic development in their own region. Their integrated portfolio of management and technical services is structured around eight broad themes are:

Legislation: the development of legislation for regional economic development Framework: the institutional and management framework for regional policy Strategy: designing and developing a clear regional economic strategy, identifying areas for particular attention, and grounded within a national economic development strategy

Investment: the design and implementation of policies to attract investment and to encourage the development of the private sector

Subsidies: the role, advantages and disadvantages of investment and job creating subsidies

EU accession: regional economic development policies and programmes as an important instrument in EU accession Regional policy is usually designed to correct certain spatial consequences of the free

market economy, and to achieve two interrelated objectives economic growth and improved social distribution. Not all transitional nations, however, have the same problems or opportunities. At WYG International they develop policies and programmes from new, and this approach enables us to take full account of local conditions. They do not impose their solutions on their local partners, or transpose them from other countries, but develop bespoke responses that are appropriate to specific economic and social circumstances.

While in Asia, we have Asian Development Bank Central Asia Regional Economic Cooperation (CAREC) Program. Basically CAREC is a partnership development launched in 1997 with 8 member countries (AFG. AZE, MON, TAJ, and UZB) with 46 multilateral

institution partner (ADB, IMF, WB, EBRD, IsDB and UNDP). Their goal is to do development through cooperation, leading to accelerated economic growth and poverty reduction. Their Action-Oriented and Pragmatic Approach: Informal arrang y gement but a serious commitment by all Strong multilateral institution partners collaboration, but ownership by countries Based on clear strategies and action plans Covers Covers both hard and soft aspects of investment both hard and soft aspects of investment Focuses on transport, energy, and trade facilitation Promotes capacity development and networking

CAREC strategies and action plans are: CAREC Comprehensive Action Plan Endorsed in 2006 at the 5th CAREC Ministerial Conference ( ) (MC) in PRC Transport and Trade Facilitation Strategy and Action Plan Strategy endorsed in 2007 at the 6th MC in TAJ & Action Plan in 2008 at 7th MC in AZE Trade Policy Strategic Action Plan Endorsed in 2008 at 7 Endorsed in 2008 at 7th MC in AZE In conclusion, a new regional report by the United Nations finds that developing countries in Asia and the Pacific will continue driving the global economy in 2011, while warning that high food and fuel prices as well as volatile capital inflows pose fresh challenges. The annual flagship report by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) projects a strong economic growth rate of 7.3 per cent after last years 8.8 per cent. There by we need to enhance the quality of regional cooperation by generating world-class knowledge resources in the priority areas of transport and trade facilitation, energy and trade policy.