Economic development and shared prosperity

Strategies for Inclusive Economic Growth in Smart Cities

Economic development and shared prosperity are fundamental objectives of people-centred Smart Cities. These cities use technology not only to improve urban efficiency and sustainability, but also to foster inclusive economic growth that benefits all their inhabitants. The main aspects and strategies to achieve this goal are detailed below:

  1. Innovation and entrepreneurship:

Smart Cities promote innovation and entrepreneurship by creating favorable environments for new ideas and businesses. This includes the establishment of technology hubs, incubators and accelerators for startups, as well as facilitating access to venture capital and financing. By fostering a culture of innovation, new economic opportunities are created that can benefit a wide range of people, from entrepreneurs to employees of start-ups.

  1. Digital infrastructure:

Advanced digital infrastructure is critical to the development of a smart city. High-speed networks and global connectivity ensure that citizens and businesses can access digital services without interruption. Open data platforms allow access to real-time information and intelligent services, improving the quality of life and attracting investments and businesses interested in taking advantage of these technological advantages.

  1. Education and training:

Digital skills development and education are essential to ensure that all citizens can participate in and benefit from economic growth. Smart Cities implement training programs in technological skills, digital literacy and continuous training. This not only increases the employability of the workforce, but also closes the digital divide and ensures that all citizens have the necessary skills to thrive in a digital economy.

  1. Inclusive employment:

Smart cities focus on creating inclusive jobs that benefit all sectors of society, including vulnerable and marginalized people. Inclusive employment policies and labor integration programs ensure that the benefits of economic development are widely shared. In addition, the creation of jobs in emerging sectors such as green technology, artificial intelligence and the Internet of Things (IoT) is promoted, which offer new employment opportunities.

  1. Circular economy and sustainability:

Smart Cities foster sustainable economic development through the implementation of circular economy models. This involves recycling, reusing and reducing waste, as well as the efficient use of resources. These practices not only protect the environment, but also create new business and employment opportunities in sectors such as recycling, renewable energy and sustainable production.

  1. Citizen participation in economic decision-making:

Citizen participation is a crucial component in ensuring that economic development responds to the needs and aspirations of all inhabitants. Smart Cities use digital platforms to facilitate citizen participation in economic decision-making, allowing citizens to express their opinions and suggestions on economic policies and projects. Not only does this improve transparency and accountability, but it also ensures that economic strategies are inclusive and equitable.

  1. Public-private partnerships:

Public-private partnerships are essential for economic development in a Smart City. These collaborations can mobilize resources, share knowledge and experiences, and develop innovative solutions. By working together, the public and private sectors can implement projects that promote sustainable and shared economic growth, benefiting the entire community.

  1. Equitable access to resources and opportunities:

To ensure shared prosperity, it is essential that all citizens have equitable access to economic resources and opportunities. This includes access to financial services, educational opportunities, and business support programs. Smart Cities implement policies and programs that remove barriers and promote equity, ensuring that all citizens can fully participate in the economy.


By promoting innovation, improving digital infrastructure, education and training, fostering inclusive employment, and citizen participation, these cities can achieve balanced economic growth that improves the quality of life for all their inhabitants.