The policy came out of a perception that the Otago Regional Council did not see itself as being involved in economic development, chairman Stephen Cairns said.
"Adoption of a policy on economic development and community prosperity will help foster a culture of sustainable economic development and assist council in securing optimum value for ratepayers," he said.
However, the council had always advocated for and funded economic development, including the GrowOtago climate resource database, the airborne geophysical survey and the regional plan for water plan change 1, he said at a recent council meeting.
"We're seriously involved in economic development and it is part of what we see is core business."
Chief executive Graeme Martin said it was not apparent what the council's role was.
It did not have the same approach as district councils, which had economic development units and often looked for "black jellybeans" to back or offered rates relief to support new businesses.
Cr Stephen Woodhead said trying to pick winners was dangerous territory and the proposed water plan change was an example of the council enabling business to take up opportunities.
Cr Bryan Scott said the best any council could do for economic development was to provide the infrastructure, such as water quality, to enable those opportunities to occur.
The policy outlined ways it would promote economic development, including collecting and providing strategic regional resource information, seeking to minimise or remove barriers and costs to economic development and working co-operatively with Otago councils to promote efficient and effective local government services.
