An economic zone has three key pillars:
- Investment attraction
- Customer Servicing
- Asset Development and Management
These pillars define economic zone’s management purpose. When executed well then the management can be considered a good management. When executed poorly then…
Investment attraction is the activities involved to market the location of the economic zone and attract customers to the zone.
An economic zone’s survival, all organizations for that matter, is in the ability to attract customers. Economic zones are unique because their customers are investing in regulations and facilities. Regulation providers in some cases don’t see the need to market and attract investors. They may see themselves as the government and customers come to them.
Customer servicing includes the activities undertaken by the economic zone to service existing customers. When a company closes down within a government jurisdiction, in many cases, it is seen as a legal process and nothing more. However, an economic zone livelihood dependents on retaining and growing it’s customers
Asset development and management are activities performed by an economic zone to develop and maintain physical infrastructure and superstructure, facilities such as offices, warehouses, within the zone.