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Tuesday, 29 August 2017

How South Korea used selectivity to achieve aggressive economic growth

How South Korea used selectivity to achieve aggressive economic growth: Over the past few decades, South Korea has achieved impressive levels of economic growth and is now one of the top manufacturers of cars, electronics, and ships worldwide. The secret is the fact that the country took the time to thoroughly assess which sectors and industries would be the keys to its growth — and stuck with these select few industries, Alaa El Hadidi writes for Al Shorouk. Rather than trying to manufacture everything, the Koreans implemented policies that actually significantly hampered production of goods that were not among the “chosen ones.” The lesson to be learned for Egypt is that the key to boosting local industry is not necessarily in increasing the breadth of production, but rather in the depth and expertise.

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