Publication date: 11.06.2024
Legal regulation of local economic development: tools and mechanisms
Introduction
Local economic development is a key element in ensuring the well-being of citizens and the sustainable development of territorial communities. In Ukraine, local economic development is regulated by various legal acts that establish tools and mechanisms to support economic activity at the local level. In this article, we will analyze the main legal framework for local economic development, tools for stimulating it, and prospects for reform.
Legal and regulatory framework
The main legal acts regulating local economic development in Ukraine are:
The Constitution of Ukraine:
- Establishes general principles of the state's economic policy, including provisions on the economic independence of local communities.
The Law of Ukraine "On Local Self-Government in Ukraine":
- Defines the powers of local governments in the field of economic development.
The Law of Ukraine "On Stimulation of Regional Development":
- Defines the principles and mechanisms of state support for regional and local economic development.
The Law of Ukraine "On State Support of Investment Projects":
- Regulates the procedure for providing state support for investment projects, including at the local level.
Budget Code of Ukraine:
- Establishes the principles of formation and use of local budgets, which are a key resource for financing economic development.
Tools for local economic development
Local governments have a variety of tools at their disposal to stimulate economic development, including:
Local economic development programs:
- Development and implementation of local programs aimed at supporting small and medium-sized businesses, infrastructure development, investment attraction, etc.
Fiscal instruments:
- Establishing local taxes and fees, providing tax incentives to attract investors and support business activities.
Investment projects:
- Support and development of investment projects, including through the provision of land plots, access to utility infrastructure and other support.
Infrastructure development:
- Investing in the development of transport, utilities, social and other infrastructure that promotes economic growth.
Public-private partnership (PPP):
- Involvement of the private sector in the implementation of projects important to the community through PPP mechanisms.
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Cooperation with international organizations:
- Attracting international grants and technical assistance to implement local economic initiatives.
Implementation mechanisms
For the effective implementation of local economic development instruments, appropriate mechanisms are needed, in particular:
Planning and monitoring:
- Developing strategic plans for economic development, regularly monitoring and evaluating their implementation.
Institutional support:
- Establishment of specialized agencies and departments responsible for economic development at the local level.
Public involvement:
- Active involvement of citizens in the process of planning and implementing economic development programs through public hearings, consultations and other forms of participation.
