VEDP EXPANDS OPERATING PLAN TO FOCUS ON CORE SECTORS

RICHMOND | | Virginia Economic Development Partnership (VEDP), is taking steps to enhance its role in attracting businesses and driving economic growth in the state. With a longstanding working relationship with the Virginia Maritime Association (VMA) and its active participation on VEDP’s Advisory Committee for International Trade, the VMA is supporting VEDP’s future focus on three core sectors: knowledge work, manufacturing, and the transportation and logistics sector. This strategic approach aligns with VEDP’s new operating plan and its commitment to understanding the needs of businesses looking to establish or expand operations in Virginia.

Traditionally, economic development agencies tend to target specific industries or sectors. However, VEDP’s new approach recognizes the interconnectedness of various types of businesses within the three core sectors. By developing expertise in these areas, VEDP aims to better understand the common needs of different manufacturers and effectively communicate how Virginia can meet those needs. This includes addressing infrastructure, regulatory, and tax concerns that may arise during the business relocation or expansion process.

VEDP’s operating plan also emphasizes a “whole-ofgovernment” approach to economic development. This entails close collaboration with the state’s workforce development department, educational institutions, and local and regional economic development departments. By integrating efforts and resources, VEDP aims to unlock the full potential of the commonwealth and create state-of-the-art economic development strategies.

Moreover, VEDP also seeks to enhance its customized incentive program for hiring and training workers, which serves as a significant attraction for businesses considering Virginia for expansion or relocation. The agency’s goals for fiscal year 2024 include generating 13,000 jobs and $4 billion of new investment by businesses. Additonally, VEDP aims to