Industry should be at the heart and soul of any sustainable development process. It should be at the root of any development strategy and at the forefront in any discussions for change. The current paradigm for development has focused on the development of market economy with an unhelpful distribution of wealth. With a limited focus on improving the life of people in the communities, places and nations in the development process, with limited regard for the creation of value through capital investment, infrastructure, innovation and technology transfer and social investments. Sustainability is becoming the buzzword with many governments and non-government organizations drawing attention to the need to transform industries to become ‘green’. This shift towards green sectors holds multiple opportunities to help the world while accelerating development.
Resilient Infrastructure Development requires innovation, technology transfer and knowledge transfer and fosters the creation of productive new ideas and technologies. These are all hindered by current systems that are outdated or outmoded. They inhibit innovation and foster the emergence of cost-effective, sustainable and socially beneficial products, services and operations that can ultimately deliver better services and products and increase living standards for all. Developing countries need to address problems like inadequate infrastructural development, outdated infrastructure, energy, water and communication infrastructures that hinder progress and impede development. Developing nations need to find ways to improve their infrastructural capabilities; strengthen their resilience to climate change and enhance the quality of health and living care that they provide.
To move towards the goal of achieving the SDGs, developing countries need to understand that they must pursue R&D innovation, technological renewal and collaboration in order to develop quality, low-cost products and services and to reduce the costs of ownership and implement effective and socially beneficial business models. R&D innovation can foster the sustainable growth of companies in developing countries. It can also stimulate greater productivity, higher value per unit, increased commercialization and development and employment opportunities. In addition to this, it can increase the global value of companies through strategic innovation. Technological renewal efforts can help these companies become more competitive in the global market.
A knowledge hub is a collection of high-tech industry nodes where technologies converge to create innovative products and services. This facilitates sustainable growth for companies as more value is created at less cost. Knowledge hubs are typically located in cities, but there are some instances where they can be located in the least dense and economically viable places, as well. If you want to build a knowledge hub in your country or in a developing country, the following steps will be helpful:
Make systematic and strategic investments in the basic infrastructure of your city or in the areas near your industry. You must prioritize investments in buildings, roads, telecommunications, energy, water, information technology and manufacturing. Investing in the basic infrastructure and promoting sustainable development will create an environment for greater innovation, productivity and job creation.
Prepare a complete business development strategy for your company. You must also develop policies that will govern the kind of investments you will make. You must incorporate policies that include quality, safety, environmental friendliness, accessibility, and sustainability. Making consistent and holistic investments in your country or in your industry will ensure sustainable development over the long run.
For new establishments and established companies, a thematic review is important. This method enables you to evaluate the current situation and suggest ways to improve the performance of your company. For new establishments, it is also important to make reliable investments so as to avoid pitfalls and failure. For established companies, conducting thematic reviews helps them make timely improvements in their operations that can be translated to greater innovations and investments in the industry.
To successfully implement economic development programs in developing countries, you must have a set of clear goals. Setting realistic goals and establishing fixed deadlines are essential in achieving effective and inclusive economic growth. To effectively apply policy changes, you must coordinate them with desired objectives. Your overall strategy can involve the five points of elements for a thematic review. These include setting realistic goals and establishing fixed deadlines, coordinating them with desired strategies, implementing them in the best possible way, identifying the drivers behind the change, monitoring them, and measuring and rewarding progress. In this sense, a thematic review can help you achieve your objectives and policies more quickly and economically.