10Measures (strategies) to promote the export promotion industrialization strategy
- Providing credit facilities by the government. There is need for the government to provide credit facilities to individuals undertaking the export promotion industrialization strategy at subsidized interest rates. This promotes the expansion of the strategy in the country.
- Providing a favorable climate for exportation by the government. There is need for the government to set up export processing zones, bonded warehouses, duty exemption programs and industrial parks all of which are aimed at encouraging production for exports.
- Economic liberalization, There is need for the government to remove unnecessary restrictions from trade like lengthy custom lengthy custom procedure so as to facilitate the exportation of goods and services
- Construction and rehabilitation of the basic social and economic infrastructure. This is in form of transport network linking markets to production areas, communication facilities, electricity, water facilities, financial institutions etc. This is aimed at facilitating production, distribution and exportation of goods and services at reduced costs.
- Market expansion. There is a need for the government to expand market foe the sector through economic integration, market research, promoting trade exhibitions and encouraging economic diversification for exports to reduce vulnerability to external shocks resulting from market shortages.
- Improvement in the level of technology. There is need for the government to set up technology and research institutions to promote innovations and inventions as avenues for development of technology which is cost effective and is in line with the social and economic requirements of the society. This helps to increase on the quantity and quality of the exports.
- Training of the local manpower. This is need to develop appropriate education and training institutions to provide labour with the required entrepreneurial skills necessary for efficient management and allocation of resources for industrial production of goods and services for export.
- Ensuring macro- economic stability. There is need for the government to control inflation and to ensure stability in the foreign exchange market as a way of encouraging the exportation of goods and services.
- Increasing the exploitation of natural resources. This is aimed at obtaining raw materials required for production of goods and services by the industrial sector for export.
- Ensuring political stability. There is need for the government to promote political stability by ensuring good governance, negotiating with rebel groups and granting them amnesty in case they surrender etc. This helps to create a favorable environment for the prosperity of the export promotion industries.
CATEGORIES General
TAGS Dr. Bbosa Science
