As global competition intensifies, business development policies play a key role in propelling economic growth. The Industrial Thrust of the Business Development Policy 2017 is a prime example of a policy designed to solidify a country’s position in the global marketplace. In this article, we will delve into the policy’s key points and assess its impact on promoting competitiveness.
The policy’s primary objective is to enhance the country’s industrial capacity by establishing an enabling environment for businesses to thrive. A major highlight is the priority given to the manufacturing, agriculture, tourism, and services sectors, which are considered critical drivers of economic growth.
To achieve this objective, the policy aims to not only attract foreign investment but also create an enabling environment for local businesses to drive innovation and technological advancement. The policy provides a range of incentives for businesses that promote manufacturing, modernization, and research and development activities. It also emphasizes the importance of infrastructure development, particularly in transport and energy, to enable businesses to operate efficiently and effectively.
Additionally, the policy recognizes the importance of supporting small and medium-sized enterprises (SMEs), which are crucial for job creation and economic growth. Measures are put in place to strengthen SMEs’ access to capital, markets, and technology, as well as regulatory support.
Taking a closer look at the policy’s impact, we can see that it has contributed significantly to the country’s economic growth. In 2019, the country’s Gross Domestic Product (GDP) grew by 4.0%, significantly above the sub-Saharan Africa average of 2.4%. The manufacturing sector experienced a growth rate of 6.6%, while the tourism sector grew by 9.4%.
Furthermore, the policy has helped to attract foreign investment, with the country ranked as one of the top destinations for foreign direct investment (FDI) in the region. The policy’s emphasis on infrastructure development has also played a significant role in enhancing the country’s logistics and transport systems, making it easier for businesses to import and export goods.
In conclusion, the Industrial Thrust of the Business Development Policy 2017 has been instrumental in promoting competitiveness and driving economic growth. By prioritizing critical sectors, incentivizing innovation and modernization, and supporting SMEs, the policy has created an enabling environment for businesses to thrive, contributing significantly to the country’s economic progress.
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