Abstract
The concept of clustering and the existence of clusters have centuries old history in the world economy. In recent years the concept has gained prominence in the theory and practice of economic development. In a wide range of academic disciplines and in policy circles, cluster concept and its impact on regional economic development have generated an extraordinary degree of interest. The success of cluster concept in improving regional economies has been widely accepted. It is now acknowledged that fostering industry clusters can create the underpinnings for sustainable competitiveness. Till date, a number of attempts have been made to explain how the clustering of economic activities and clusters of industries can be a key source of competitive advantage for a region. The present paper highlights the link between the concepts of industrial clusters and regional economic development through discussion of the available literature.
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