Answer to Question #229547 in Macroeconomics for MBOS

Question

Advise the government on how to promote industrial development in South Africa

Answer 1

Solution:

Industrial development refers to the use of new technologies in the building and growing of industries within a particular economy, which make jobs easier, better and faster, which can ultimately lead to an increase in businesses output and profits levels.

 

The government can help promote industrial development in South Africa by adopting or implementing the below strategies:

·        It should collaborate with the private sector, including encouraging them on development matters.

·        It should encourage capital formation through more savings.

·        Ensuring a rational taxation policy is set up.

·        It should set up an efficient system of industrial management.

·        It should establish specialized institutions to provide stability in industrial development.

·        It should develop research and technology and increase power resources.

·        It should advocate for proper and efficient use of natural resources.