WHAT IS LOCAL BUSINESS DEVELOPMENT?
Local content is the added value brought to a host nation (or region or locality) through Workforce development (employment of local workforce and training of local workforce) and Investments in supplier development (developing supplies and services locally and procuring supplies and services locally). – IPIECA, Local content strategy
Local Business Development includes a range of activities dedicated to involving and stimulating growth of local Small and Medium Enterprises (SMEs) in order to bring development benefits to surrounding communities.
Building capacity and giving priority to local suppliers and businesses is a way to create opportunities and add value to the economic livelihoods of communities located near projects. Good practice requires that a formal process or system be developed to ensure that employment and business support is maximized at the company’s operation. This can be achieved by implementing procedures in areas such as local procurement, contractor management and performance monitoring.