Perhaps the greatest challenge for a family, a business, a region or a nation is the ability to attract investment that stimulates growth. 

Each of us knows how demanding the expectations of investors are as they consider whether to provide that stimulus. For regions, it can be especially difficult since they must somehow stand alone yet reflect the national climate in which they operate.

Past performances are a measure but often their core elements, which mostly were assessed within the national economy, are no longer relevant. What 21st Century investors seek does not involve national imperatives or pride. It is simply about returns. 

Regional Development Australia, Hunter, is one of many throughout the country and each is charged with encouraging regional economic development. Barely a day goes past that we do not see one of these regions promoting its attractions using both Federal and State Government resources.

We should not doubt the Hunter’s accomplishments over the past decades or its potential. Most regions in the world that have lost their largest single industry, as we did with the closure of Newcastle steelworks, have been devastated and recovery has been slow and painful. In less than a decade we established about 30,000 new jobs and created so many new small businesses that in overall regional terms the impact was relatively low. That is not to say that individuals and businesses with close links to the steelworks weren’t adversely affected.

Those new businesses and other long standing businesses that have grown over the past two decades have been able to show investors they possess the combination of assets required; strong work ethic, commitment to succeed, confidence of potential markets and capacity to produce returns. Recognition of these assets was reinforced to me recently throughout Germany meeting with both government and private businesses. Presenting on the competitive advantages of the Hunter did not prove difficult. Our reputation is well accepted.  One lesson we can learn from Germany is not to under estimate, under value or under promote our people.

The subject of people is less talked about in our region as a real competitive advantage than it is in  Europe. The ability to make things happen and work together is a less tangible asset, but arguably the most important.

It is a vital element to attracting further investment.

View the Newcastle Herald story http://www.theherald.com.au/story/4274875/people-key-to-regions-growth/?cs=4203