Economic Development Strategy

Introduction

The Council has a strategy statement setting out its proposals for the promotion of economic development of its area and the resources to achieve them.

Background

Fareham's economic development strategy since 1994 has focused upon the theme "Fareham, the Heart of South Hampshire". The vision has been "the creation of a vibrant Fareham economy providing a variety of opportunities for employment and business growth with a superb town centre, wide range of leisure opportunities, good choice of quality housing and a high quality of life and environment".

In 2003 the Council adopted its "Economic Development Strategy 1999-2006 - Overview" which provided the setting for the evolution of a more all encompassing programme pulling together contributions from each service area within the Council. The Overview groups the economic development activities of the Council into three broad categories.

Focus on Fareham People First
Focus on Fareham Business First
Focus on Sustainable Fareham Infrastructure

Corporate Aims and Objectives

The Economic Development Strategy 1999-2006 Overview is reflected in the Corporate Vision and Objectives. The Corporate Vision and Objectives will guide programmes of service actions in order to achieve improvements to the economic, social and environmental well being of the people and communities of Fareham and accountability to the people it serves. The economic development service is primarily concerned with Objective 2 that seeks to maintain and extend prosperity in the Borough, although there are overlapping relationships and interdependencies with the other aims and objectives.

The adopted strategy remains relevant to Fareham's present circumstances and the general approach followed in recent years.

Action Programme

The programme emphasises a number of issues that help to advance the economy of the Borough:-

Building upon Fareham's emerging advantages as a telecommunication hub
Creating opportunities for the start-up and growth of new businesses, and in particular businesses exploiting new technologies
Seeking to secure investment that will attract businesses that exploit new technologies
Implementation of town centre infrastructure
Continued support for town centre management
Continued support for partnership organisations benefiting Fareham
Maintenance of a comprehensive business database
Promotion of local inter-trading (including an information service free to Fareham firms)
Targeted visits to understand more fully the concerns of Fareham firms
Ongoing review of promotional materials and updating as appropriate

The principal elements of the proposed programme are set out in the Action Programme. The structure of the programme takes the following form

Supporting business development in Fareham - facilitating the formation and growth of firms to provide employment opportunities accessible to Fareham residents and maintaining close contact with Fareham firms to enable understanding and promotion of their needs
Marketing and promotion - exploiting Fareham's pivotal role within South Hampshire.
Infrastructure development - consolidating the retail and leisure role of Fareham town centre and facilitating the optimum transportation network for the Fareham area
Supporting employment and training initiatives and external business support agencies
Pursuing sustainable use of resources by seeking to achieve an economy that is convenient in terms of the location of employment, services and leisure facilities and by maximising local inter-trade

Budget

The budget for economic development activity has remained stable in recent years, reflecting an emphasis on partnership working aimed at securing cost-effective services for Fareham people and businesses. This allows only limited scope for local initiatives. The programme of activity proposed addresses current priorities but maintains the balance of previous years.