Business

How Developing and emerging economies can shift from primary industries towards higher value-added industries?

Developing and emerging economies can shift from primary industries towards higher value-added industries. Developing countries are currently working in sectors such as construction, food processing, textiles, and transportation to boost the economic effects of developing their economies through industrialization. Though these sectors are important to development, they do have a negative impact on the environment. Therefore, developing countries need support in shifting away from these primary industries towards higher value-added industries (HVIs) with less environmental harm.

This paper explores how high employment rates and low jobless rates provide opportunities for HVIs in developing countries by providing jobs which build skills required to automate traditional tasks that would lead toward industrialization of the economy. Education is also necessary to shift economies towards HVIs, and this paper explores sources of funding education in developing economies and how they can be used to train individuals for future employment.

The paper also explores the link between higher value-added industries and environmental protection, along with suggestions on ways for governments to make their development goals more environmentally-friendly. The largest contribution of this work is a conceptual model that maps possible economic shifts from primary industries towards HVIs and identifies key components for success. Finally, the paper will also review related work to develop an understanding of how countries can shift from primary industries towards HVIs.

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