Local Economic Development (LED) can be defined as "local people working together to achieve sustainable economic growth that brings economic benefits and quality of life improvements for all in the community. The 'community' here can be defined as a sub-district, city, town, metropolitan area, or sub national region." (World Bank, 2004).

There are consistent elements over the past 40 years to the evolution of LED. Key amongst these elements is the role of local government, the private sector, the not-for-profit sectors and the local community working together to improve the local economy, building on local strengths and opportunities, while working to minimise local weaknesses and threats.