ITEM : 4
In the 1950s, South Korea and Singapore were among the Asian countries labeled as least developed. However, today, they have achieved significant economic growth and development, earning them recognition as highly developed nations. The remarkable progress of these countries has captured the interest of many leaders in East Africa. And would like to elevate their economies to the level and status of South Korea and Singapore.
Task
a)With specific examples, from the above counties, explain to East African leaders the steps they explain to follow to achieve the same status
Expected responses from the above countries, explain to East African leaders the steps they can follow to achieve the same status.
Expected responses from the learners
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The governments/ leaders should focus on producing high value goods for international markets using their natural resources and competitive advantages.
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Heavy investment in public infrastructures such as schools, hospitals and roads.
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Good leadership
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Promoting political stability
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Regional integration
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Mindset change
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Foreign support
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Specialization/competitive advantage
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Common language
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Alliances
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Public private partnership
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Import substitution/export promotion
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Empowering economic planning board
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Invest in human capital by emphasizing education skills development and innovation to build a highly skilled labour force.
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Heavy investment in Agro processing industries.
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Export promotion through supporting firms that set up manufacturing facilities for export purpose.
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Credit allocation to local industries and control of access to foreign exchange.
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Investing heavily in science and technology, culture and industry to encourage economic growth and job creation.
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Encouraging high domestic saving made increasing capital accumulation
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Provide strategic guidance, investment in centers and protection for key industries
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Encourage research and development in technology such as Information technology, biotechnology and renewable energy.
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Economic diversification to reduce dependence on agriculture focusing on services, manufacturing sector and tourism.
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Attract foreign investors (capital) and form strategic partnership with international companies to access new markets and technology.
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Create a business friendly/favorable environment through providing effective government services and others.
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Reduces corruption by putting up strong anti-corruption measures to promote investor confidence.
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Develop and implementation long term development plans like south Korea’s “ Five- year Economic Development plans” and Singapore’s “committee on the future Economy”
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Invest in small and medium sized Enterprises (SMES) which are significant contributors to East African’s development
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In conclusion, East African can accelerate their economic development and move towards achieving Economic growth and development
GOOD
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