From the Introduction:
Cities across the world are adjusting to new economic realities. The 2008 financial crisis and consequent recession in the West and global economic slowdown carried serious implications for city economies. The initially sluggish but now increasing return to growth means that cities are focusing on the best ways to attract corporate and institutional investment anew. This has shone the spotlight on the business and investment climate as an increasingly important tool for economic development, new job creation and capital attraction.
Cities worldwide are adjusting their business strategies and investor propositions as part of new economic agendas with revised sector and trade-based growth and investment strategies. Simultaneously, firms and investors have revised their own commercial approaches to city locations.
A key new feature of the horizon for cities is the recognition that the crisis and recession has created a new ‘normal’ in changed global economic dynamics with continued growth in the middle income economies and a substantial increase in the global investment capital that they generate. The role of new and enhanced sources of investment capital in the global system has encouraged cities in Europe and other OECD ‘developed’ nations to consider how they can be more attractive to international investment.
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