Promotion of economic zones and business support in industrial clusters: Information, investment and human capital approaches

Abstract

The study aimed to analyse the specifics of promoting economic zones and providing business support in industrial clusters. To achieve this goal, a sample of the following objects was created: Frankfurt-Höchst Industrial Park (Germany), North Huntsville Industrial Park (USA), the Industrial Cluster and Knowledge Cluster programmes (Japan) and Shenzhen-Hong Kong-Guangzhou (China). The selected clusters were analysed in terms of information exchange strategies, investment attraction and quality human capital. According to the comparative analysis, the key features of effective cluster promotion are the creation of an extensive information network for interdisciplinary cooperation and information exchange, the attraction of investment in human capital development and investment diversification. A synthetic analysis using SWOT analysis, PEST analysis and Porter’s Five Forces model identified the main obstacles to the effective promotion of economic zones and clusters: shortage of human resources or their poor quality; lack of demand for the products and/or services offered in the region where the cluster operates; insufficient understanding of the context of the cluster’s operation, leading to ineffective strategic decisions. Based on the analysis, the following recommendations were made for the effective promotion of economic zones and clusters in terms of investment, information and human resources policy: transition to intensive investment and human capital development practices; diversification of investments, especially in low-income regions with higher priority state budget expenditure items; preliminary contextual analysis to identify public demand for cluster functioning.