Industrialization is the process by which a country’s economy in a pattern of the outputs and workforce to a secondary industry, one that depends on manufactured goods. It involves the efficient use of labor, use of technological innovations and mechanical production of goods. But not all countries around the world have met the technological standards, some of the low-income and low-median-income countries have not yet achieved its standards. Such countries can promote industrialization in the following ways:
- Financing industrial growth
All countries have industries, but for this industries to develop it requires funding. A country’s government cannot support all the industries in the nation, hence the need for external financial support. Nations can obtain funds through direct or indirect investments by foreign investors or nationals investment living abroad. It can also be obtained at a competitive rate from abroad, or it can have funds diverted from the economies of other sectors, especially the agricultural and industrial sector.
- Creation of industries in all regions of the country
The second way of promoting industrialization is to have industries in every district in the country. The benefits of this plan are obvious. Firstly, it leads to creation which in return minimizes the effects of unemployment such as insecurity. In addition, it will curb rural to urban migration hence minimizing population pressure in towns. Agricultural produce will also increase, provided the industry is agro-based, and by this poverty will decrease drastically. The government will as well be able to increase its revenue through taxation, with its products.
- Technical educational system
To adopt the technology, countries need to ensure the technical institutions and polytechnics are resourced, to ensure innovation and support maintenance for industries. A strong technical education system is of great importance. The students trained in the institutions are the future of a nation, and a country will be able to find innovative people who can transform a country economy within a minimum period with their ideas. Also, the support that the institution will receive from investment banks is the key to promoting industrialization.
- Involvement of private sector
Private sectors can be involved to ensure the stability of the industries. It is no secret that industrial growth is a capital-intensive venture. Consequently, governments cannot meet all the industrialization with taxpayers’ money. The government should partner with private sectors to help develop the industries and not only outside countries sectors but also its country sector; they understand people’s needs more.
- Effective labor control methods
Creating system that monitors labor efficiency and productivity is another way of fast-tracking industrialization in the world. Once we ensure that we have good labor services and pricing, then the agro-based industries will be of great importance. Productivity will go high, and the nation will continue earning a higher interest towards development.
- Adoption of technology
Exchange and adoption of technology is another key to promoting industrialization. Developing nations should borrow technological advancement from developed nations. Many developed nations have best technologies and machinery, and if they can share it at a reasonable price then we will soon be cruising into another era industrial revolution.