Industrializing developing countries

Description

Industrializing developing countries involves implementing policies and investments to expand manufacturing, infrastructure, and technological capacity. The core strategy aims to diversify economies, create jobs, and reduce poverty by shifting from reliance on primary commodities to value-added production. Essential actions include fostering industrial skills, improving access to capital, enhancing transport and energy systems, and encouraging foreign and domestic investment, thereby remedying unemployment, low productivity, and economic vulnerability.

Implementation

Countries that are industrializing rapidly with access to international technologies are in a decidedly advantageous position, in that a large part of their capital stock is relatively new. New plants can readily incorporate up-to-date process technologies that use materials and energy more efficiently, minimize emissions, improve product quality and reduce costs. The costs of building environmental controls into new plants are much less than the costs of retrofitting pollution abatement equipment onto old plants.