A well-designed industrial policy is actually one of the most important tools for a country’s development. However, since every country’s production resources, capabilities, and priorities differ from raw materials to human resources, it is not possible to talk about a one-size-fits-all industrial policy.
On the other hand, it is now understood that industrial policies are not solely about selecting and promoting one or two sectors with the potential to become stars in the future and supporting development through exports; it is also realized that without integration with the country’s science, technology, and innovation policy, international trade policy, incentive policy, education policy, fiscal policy, legal policy, and regulatory policy, industrial policy loses a significant chance of success.
This study focuses on three main elements:
- It must not be forgotten that the economy is a whole. Therefore, solving a problem in one sector should not turn into a problem/cost for another sector.
- It must not be forgotten that the policy domain is a whole: Industrial policy is doomed to fail unless it is supported by appropriate fiscal, education, science, incentive, technology and innovation, foreign trade, and employment policies.
- It must not be forgotten that public administration is a whole: The key concept here is better governance. This also necessitates inter-agency coordination through sound regulations.
You can read the study by using the following link:
Wishing you a good read…
