Regional Economic Development Strategy 2020-2041

Moreton Bay adopts new Regional Economic Development Strategy

Moreton Bay Regional Council has adopted a new Regional Economic Development Strategy (REDS), which plans and outlines key economic benchmarks to 2041. The 20-year strategy aims to reduce the region's reliance on population-driven industries and focus on high value-adding industries, exports and innovation, all while maintaining and balancing the region's desirable lifestyle. Read below to join #TeamMoretonBay and see what this means for our region's small and medium sized businesses.

Bigger. Bolder. Brighter

The new direction outlines some ambitious goals for the region's economy and reputation.

Bigger: our region will become bigger, with the economy reaching $40 billion in 2041, more than double its current size.

Bolder: the planned creation of 100,000 new jobs and 16,000 new businesses by 2041, and a focus on ensuring our residents have the necessary skills and knowledge to access these jobs.

Brighter: our region's future will be brighter, by focusing on our growth and talent and making Moreton Bay region one of the top 10 regional knowledge and innovation hubs in Australia.

Council endorses new economic development strategy

Mayor Peter Flannery delivered a rousing speech to business and community leaders at Eatons Hill Hotel Wednesday 3 February, in which he spoke of his bold optimism for the decades ahead spearheaded by a COVID-19 recovery that’s already begun.

It follows formal endorsement of the strategy by Council.

“While others are currently scrambling to activate economic drivers, Moreton Bay Region is already on the road to recovery thanks to many of you in the room and I am pleased to say that our economy is now fast-tracked with today’s adoption and launch of our Regional Economic Development Strategy (REDS),” Mayor Flannery told the audience.

The REDS identifies four pillars:

The REDS identifies four pillars that feature a range of key initiatives to guide the region's future economic development efforts. These four pillars are:

• Leadership and identity
• Industry advancement
• Trade and investment
• Knowledge, innovation and entrepreneurship

The REDS identifies four priority industries:

The strategy also focuses on four priority industries identified as high value-adding, export focused drive the evolution of the region's economy. These are:

• Advanced manufacturing
• Food and agribusiness
• Knowledge, innovation and entrepreneurship
• Tourism, sport and major events

Key delivery partners

The REDS has adopted a collaborative approach, outlining that key stakeholders are important to delivering a bigger, bolder and brighter future. The key deliver partners are identified as:

• Australian Trade and Investment Commission (Austrade)
• Chambers of Commerce
• MILLovate
• Moreton Bay Region Industry & Tourism (MBRIT)
• Regional Development Australia Moreton Bay
• Queensland Government
• Trade and Investment Queensland (TIQ)
• TAFE, RTOs and schools

Key initiatives for Moreton Bay Region small businesses

Local businesses play the most important role in economic development through their growth and expansion, providing employment opportunities and investing in the region, which are the ultimate desired outcomes.

The REDS strategy outlines a range of key initiatives for each of the identified four pillars. The below initiatives are particularly relevant to small businesses operating in Moreton Bay Region.

• Identify and mentor potential business and community leaders
• Demonstrate that Council is business responsive through the development of a Council-wide protocol to ensure businesses are provided with an efficient, customer focused and case managed experience about necessary approvals
• Continue to support and augment the region’s existing lifestyle
• Deliver workshops to build local business capacity and capability
• Support business retention and expansion through an annual business engagement and visitation program
• Establish and facilitate open forum sessions with key industries and other tiers of government to discuss, promote and acknowledge economic development issues and improvements across the region.
• Support B2B marketing to connect local businesses with each other (customers and suppliers)
• Establish collaboration and sharing of workforce planning issues across industries, ensuring the region is well placed to grow and respond to market challenges.
• Leverage the growing reputation of The Mill at Moreton Bay to support business attraction, job creation, and research and development partnerships
• Continue to support and augment the region’s existing lifestyle

Join #TeamMoretonBay and READ THE FULL REDS 2020-41 HERE