MULTI-SECTORAL QUALITATIVE-ANALYSIS - A TOOL FOR ASSESSING THE COMPETITIVENESS OF REGIONS AND FORMULATING STRATEGIES FOR ECONOMIC-DEVELOPMENT

Regional economic development strategy formulation relies heavily on a nalytical techniques such as shift share, location quotients, input-ou tput and SWOT analysis. However, many of theses traditional tools are proving inadequate for understanding what makes regions competitive. N ew tools are required to evaluate the competitiveness of regional econ omies, how to gain competitive advantage, and what new management fram eworks and enabling infrastructure are needed to drive economic develo pment processes under globalisation. Multi-sectoral qualitative analys is (MSAQ) is a new tool for regional analysis developed by the authors in a case study of the Far North Queensland region in Australia. MSQA is used to identify the competitiveness of regional core competencies , strategic infrastructure and risk, as well as industry development a nd market opportunities. The case study provided the basis for the pre paration of an economic development strategy to build upon the competi tive advantages of the region.