Role of Place Attractiveness for Local Economic Development

This article discusses the importance of place attractiveness for local economic development in the context of international competition of territories. Discussion is based on the review of international academic literature, paying major attention to the public management perspective. The authors draw attention to the concept and process of local economic development, which integrates a number of other important place development methods, facilitating retention of exiting and attraction of new important resources for a sustainable development of a place (region, city, town, other). The main aim of the article is to discuss the inter-relations between the place attractiveness and its LED through the analysis of concepts, content, and processes of local economic development and place attractiveness.