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February 26, 2018

Fresh impetus to economic development through export promotion and import substitution

It is natural that all workers dream of enjoying the fruits of their labours from the day they start work to the day they retire. Since civil servants alone are entitled to retirement pensions, retirement security is a constant source of worry to employees from private companies and services. For the government, how to guarantee a good retirement income to every employee should now be at the top of the agenda.
The government has vowed to get the national economic growth bandwagon to roll within 100 days starting from its inception. In doing so, the government should invite suggestions from outside sources on the issue of export promotion and import substitution, while understanding the crucial need to encourage the development of domestic industry.
Every country looks inward and outward in fostering their economic growth. Take Japan for example, this Asian economic giant is often quoted as a perfect example of the modern industrial world. As part of import substitution, Japan concentrated all its efforts on strengthening its automobile and electronics industries while providing financial assistance to small and medium enterprises. The Japanese government made it sure that the benefits of economic growth were not in the hands of the privileged classes.
Creating jobs and increasing incomes will generate temporary benefits, considering the challenges of globalisation. The provision of free courses on capacity building and job training will act as an incentive for the employed to work harder as well as for the unemployed to follow their dreams. After all, the government should add fresh impetus to the development of human resources by encouraging the private sector to further strengthen microeconomic efficiency on the domestic economy.


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