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Industrialization of the Economy

Industrialization of the Economy

Industrialization of the economy is economic development through the development of the domestic manufacturing sector, based on technology development. It is the engine of economic expansion (establishment of new enterprises and related economic activities), as well as economic and social development. Economic expansion will create productive employment, thus creating conditions which will enable many Zimbabweans to earn some income that will enable them to enjoy the right to an adequate standard of living. Economic expansion will expand the tax base.

The expansion of the tax base will provide the state with revenue to finance the development of economic and social infrastructure (telecommunications net work, roads, schools, health facilities, etc.) Industrialization of the economy will enable the country to produce some of the manufactured goods technologies, intermediate and consumer goods) which the country currently imports. The production of some of the manufactured goods will reduce country’s dependence on imported manufactured goods, and this will reduce Zimbabwe’s high demand for foreign currency. Industrialization based on technology development will make the economy competitive by increasing its productivity. This will enable the country to increase its exports ofmanufactured goods so as to earn more foreign currency to import those goods which the country can not produce.

 

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Last modified on Wednesday, 30/08/2017

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