COQUITLAM, B.C., March 9, 2023 – Coquitlam is one step closer to developing a blueprint for its economic future with the completion of the draft Economic Development Strategy.
Staff presented the draft strategy, along with a proposed Implementation Plan, to Council earlier this week. Intended as a forward-looking vision with policy guidance for the next five years, the document supports the development of a resilient local economy that works for everyone.
Coquitlam’s draft Economic Development Strategy aligns with other approved City plans and strategies, and outlines a plan to create a vibrant regional and cultural hub north of the Fraser River. By coordinating resources, reducing barriers, and providing strategic alignment the Economic Development Strategy aims to make Coquitlam a more vibrant place to visit, live and do business.
A Practical Approach to Implementation
At the core of the draft Economic Development Strategy is a draft Implementation Plan that establishes clear actions Coquitlam will implement to support the desired goals and outcomes within the Economic Development Strategy. The focus is on action items that are practical and achievable recognizing that many actions are already integrated into existing City strategic documents. As a result, implementation will look to cooperation and leadership between City departments and partner organizations to deliver results.
The top five key action areas for the next two years, include:
- Developing an Economic Development Competitiveness Study
- Creating new business promotional marketing materials
- Establishing direct business outreach programs and services, including employment space demand support and services for export-oriented businesses
- Working with partners to attract and accommodate major employers and institutions into Coquitlam’s City Centre neighbourhood, as well as other commercial areas
- Supporting the establishment of new business improvement areas
The draft Economic Development Strategy and implementation plan are available to read at www.coquitlam.ca/economicdevelopment.
Building Blocks for a Resilient Future
The draft Economic Development Strategy was created using a building block process that ensures it reflects the needs, priorities and aspirations of Council and Coquitlam’s diverse community. These building blocks included:
- Vision – incorporates the feedback from the public engagement process in spring and summer 2022. The vision includes the values, themes and goals of the Economic Development Strategy, which are organized around three key themes: people, place and partnerships.
- Employment Lands and Economy Review – the analytical backbone of the draft strategy, this review provides an overview of Coquitlam’s economy with an analysis of regional context, demographics, employment projections and future trends.
- Strategic Investment Plan – provides a more focused look at the context, opportunities and challenges for attracting and growing inbound and outbound foreign direct investment to Coquitlam.
All of these documents are available at www.coquitlam.ca/economicdevelopment.
About the Economic Development Strategy
The Economic Development Strategy is being developed through extensive research, analysis and public engagement. Building upon Coquitlam’s strengths and assets, the strategy will identify challenges, as well as future opportunities for the City, and has included engagement with businesses, community organizations, youth and First Nations economic development organizations, to contribute to a strategy that works for everyone.
The new Economic Development Strategy will support Coquitlam’s efforts to build a responsible future with shared prosperity. As the backbone of local entrepreneurship and economic vitality, local businesses and residents are foundational to the City’s success and livability.
The COVID-19 pandemic created hardship and imbalances in the local economic system. While the pandemic recovery continues to present uncertainty, which is always challenging for business climate, it also provides potential opportunities to pivot, re-evaluate our focus, and reassess strategic directions for more resilient local economic development. Coquitlam’s Economic Development Strategy will serve as this unifying and guiding roadmap, spurring a clear five-year action plan to support our local economy and the ongoing establishment of a complete community.
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Media contact:
Andre Isakov
Manager Economic Development
City of Coquitlam
604-927-3442
aisakov@coquitlam.ca