Types of industrialization for LDCs
The first is industrialization within agriculture. This is aimed at developing rural areas and diversifying the agricultural industry where raw materials are readily available and increase incomes. The second is the input supplies. Where industries have to be established to produce agricultural farm inputs such as fertilizers, insecticides, farm tools, etc.
Then there is industrialization outside agriculture. This may include among others, manufacturing, building and construction and consequently, import substitution and export promotion industries.
However, the above trend of industrialization
should be based on: raw material
potential; availability of market whereby the light products for the market is
undertaken. Lastly, creation of employment prospects.
Conclusion
Poor nations should industrialize. They must invest
in overhead capital like education, health, transport, communication, power,
etc. They should not only emphasize the production of raw materials but strive
to attain self-sufficiency in the common industrial products. They should
export high value added agricultural products. They should have the market for
both consumer and luxury items. They ought to distribute their industries both
large and smallscale to avoid localization in urban areas. And above all, they
should choose the most appropriate techniques of production.