Local and Regional Economic Development (LRED) is a participatory approach for planning and implementing local economic development initiatives with the participation of local government and other actors from the public, private, and cooperative sectors. It is a participatory approach to improving the competitiveness of local and provincial territories that ultimately aims for inclusive growth. LRED is a continuous process that mobilises the public, private, and cooperative sectors, as well as civil society stakeholders to become partners in creating more resilient conditions for business development, entrepreneurship, and employment generation.