News

Why Industrial Development Plans are Important for Economy

A thriving industrial sector is a key to increased productivity and economic growth for a country. Industrialisation is a tried and tested method for the upliftment of the masses. It provides direct employment to the skilled labourers and secondary and tertiary job opportunities to the people within the vicinity of the site of investment.

The industrial development plan is a recurring scheme adopted time after time by a developing country to lift its economy and push the nation towards the first world.

An example of this is Saudi Arabia. A ‘National Industrial Development and Logistics Program’ was launched as part of the Kingdom’s Vision 2030, targeting the development of the manufacturing sector of the country.

Aims of an Industrial Development Program

These programs are usually designed to utilise the country’s local mining and energy contents to their full potential. Generally, the programs aim to drive the country’s fluctuating economy towards steady and sustainable growth. These are some of the reasons why people visit Saudi Arabia looking to invest into such opportunities for development.

Along with industrial developments, these programs also aim to have some social effects. Industrial programs become the source of employment for the masses. High skilled manufacturing jobs encourage participation in education and training.

How the Program Works

The program tends to achieve its objectives by developing admirable infrastructure for its sectors, designing new and efficient policies, improving global connections, gaining access to international markets and increasing the value of the country’s local content in them.

The program is stretched over a time period of a couple of years, working according to a step-by-step design to develop each of its sectors gradually. All is aimed to maintain a sustainably growing economy and to push the nation towards the first world.

Achievements of Industrial Plans

Good Industrial plans that have been well-followed do bring in some desirable results. Improvement is seen in roads, railways, various industries, electrical and mechanical equipment, etc. Geological survey programs, improvement of international connectivity, set up of shipping lines, progress in military equipment, launching of more utility-scale renewable energy projects are some of the achievements the program can acclaim.

Conclusion

Industrial development programs set the country up to the road of development. They shift the country’s unstable economy to a steadier growth and allow it to face the changing trends and challenges set up by the developed countries.

Related Articles

Leave a Reply

Back to top button