Malcolm Island’s economic development is intricately connected to surrounding communities and to efforts of outside groups. Establishing partnerships can be a big help in putting plans into action. - Malcolm Island Economic Development Plan
The population of Malcolm Island has been in decline and the community was at risk of losing business and community infrastructure, threatening its long-term viability for investment, enterprise and working families. For more than a year, the volunteer Malcolm Island Grassroots Development Forum had been meeting to try to develop solutions but lacked funding to effectively move forward.
Through ‘Growing Malcolm Island’, the grassroots effort was formalized with the help of economic development professionals. The community secured expert assistance to develop a full economic development strategy. The process included consultation with community and stakeholders and identification of business and industrial sectors of interest to develop a clear vision, goals and actions. The result was an action focused strategic plan with an emphasis on community economic development as well as investment attraction in collaboration with regional partners.
Completed in 2014, it is expected that the strategy will help the community achieve sustainable economic growth while reaching beyond the island, providing benefits to the surrounding region.