In the ever-evolving global landscape, the importance of developing industrial policies is becoming increasingly recognized. According to Global Trade Alert research, over 2,500 industrial policy interventions were implemented worldwide in 2023, driven by factors like climate mitigation and supply chain resilience.
The Industrial Development Report (IDR) 2024 from the United Nations Industrial Development Organisation highlights the resurgence of industrial policy globally, with countries like the US and Japan implementing strategic measures to revitalize their industries. The European Union is also ramping up its industrial policy efforts, allocating significant funds for digital innovations.
In Africa, countries are transitioning to diversified industrial policies to address societal challenges and promote green transition and employment opportunities. From Mauritius to Ethiopia, various African nations are formulating sector-specific industrial plans to drive economic growth.
The success of industrial policy hinges on broad societal consensus, strong government capability, and adequate financing. By tailoring policies to specific economic contexts, building government capacity, and ensuring sufficient funding, countries can pave the way for sustainable industrial development and long-term economic growth.
Overall, the resurgence of industrial policies across the globe signals a shift towards building resilient and innovative industries for a prosperous future.
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