CLUSTER DEVELOPMENT
Today’s economic map of the world is characterized by “clusters.” Industry clusters are groups of similar and related firms in a defined geographic area that share common markets, technologies, worker skill needs, and which are often linked by buyer-seller relationships.
Firms and workers in an industry cluster draw competitive advantage from their proximity to competitors, to a skilled workforce, to specialized suppliers and a shared base of sophisticated knowledge about their industry.
Collaboration and Networking
Cluster development fosters collaboration and networking among stakeholders to drive innovation and enhance competitiveness.
Knowledge and Skill Spillovers
Clusters promote knowledge and skill exchange, fostering innovation, and driving the development of new products, processes, and technologies for a competitive edge.
Specialization and Competitive Advantage
Clusters leverage specialization in specific industries to gain a competitive advantage through resource concentration, attracting investment, and facilitating complementary business growth.
Supportive Infrastructure and Institutions
Clusters rely on supportive infrastructure and institutions to attract businesses, foster innovation, and provide essential services for cluster growth.
