The Gold Coast is faced with a challenge many young cities encounter – how to grow beyond traditional industries and transition to a mature economy less reliant on population growth and population driven industry sectors.
As a promoter, coordinator and facilitator of economic development, the City of Gold Coast recognised that, together with business and community sectors, the City must think and act smarter in order to attract people, investment and opportunities. There is also an opportunity to capitalise on the 2018 Commonwealth Games and its legacy.
To address this challenge, the City of Gold Coast will launch its Draft Economic Development Strategy 2023 in August. There are six strategic focus
areas for the city:
- Innovation and Commercialisation – grow IT, software, research, new technology and entrepreneurial activity in the city.
- Cultural – develop cultural talent and capacity in the city and local hubs of creative industry including proposed Cultural Precinct.
- Infrastructure – continue to develop tourism infrastructure, redevelop light rail corridor, revitalise Southport CBD and improve telecommunications infrastructure.
- Competitive business – reduce regulation and red tape, supporting export, innovation, productivity and business growth.
- Workforce – increase study and training opportunities particularly in science, technology, engineering, arts and mathematics.
- International – raise the city’s profile, increase the export base and international presence, strengthen international partnerships and drive inward investment.
What does all this mean for Gold Coast residents? It means job creation, growth of emerging industries and renewed business and investor confidence in the city. It also means a greater focus on knowledge–intensive, high value and internationally competitive economic activities and a focus on markets external to the Gold Coast.
Together with existing investment attraction, global connections and business support programs, the strategy represents a fantastic opportunity for the city to live out its vision: Inspired by lifestyle, Driven by opportunity.
