Stealing Ideas for Economic Development

The from The Sunday Herald's Taming the Celtic Tiger made me think here are some ideas we could use in Indiana:

"Ireland has taken a risk-based approach to regulation along similar lines to that of the UK's Financial Services Authority. Instead of box-ticking or standard-setting, the regulator prefers to identify possible risks taken by its financial services players - then measure, mitigate, monitor and report them. The system is seen as particularly effective in small jurisdictions where supervisors can personally know all the movers and shakers. The regulator, The Irish Financial Services Regulatory Authority (IFSRA) is widely seen as accessible and nimble.

Mary Fulton, a partner in the Dublin office of accountants at Deloitte, says the IFSRA is very approachable. 'Unlike the Financial Services Agency (FSA), which tends to gold plate' EU directives, it applies best European practice.'"

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Many in Irish asset-servicing believe the shift of processing work to lower-cost destinations may be a positive for Ireland. It has forced the country to rethink its commitment to basic fund administration to focus on higher value-added activities. As part of this process, educationalists are being urged to place greater emphasis on creating highly numerate graduates in advanced scientific and mathematical disciplines.In words that echo the long-held view of Scottish development specialists, Fulton says: "Ireland is clearly no longer a low-cost destination. It was inevitable that other parts of the world were going to come in and undercut us. What you have to do is to move up the value chain and focus on the more sophisticated, high-end things."
Private sector to take the lead in putting Aberdeen back on track

Smith was careful to praise the contribution of Aberdeen public sector players, particularly Scottish Enterprise, in formulating the region's strategy and in co-ordinating the "fragmented" private sector players. But the Aberdeen example, which has been publicly praised by the Cabinet secretary for finance John Swinney, is being seen by development professionals elsewhere in Scotland as a pioneering case of private sector leadership for delivering a region-wide economic programme.

Acsef's new action plan for the region was arrived at through consultation with 1200 businesses in Aberdeen City and Shire. It envisages a 2.5% growth in gross value added, achieved through the energy, life sciences, tourism and food and drink sectors. Its objectives include improving transport infrastructure, increasing skills supply, "anchoring the oil and gas industry", redeveloping the city centre, and improving planning efficiency.

"We now have an action plan leading up to 2025 that will deliver the vision laid out in the economic manifesto published last year," Smith said.

"We have described what needs to be done, how we can do it, who needs to do it and when it needs to be done."

Acsef, the first partnership in the UK to feature public and private sector players working in close collaboration, held its second "summit" last week. It now aims to attract about £800 million in investment, about 60% of it from the private sector.