Towards Ensuring Sustainable Industrialization and Human Development in South Africa: Challenges and Opportunities
Keywords:
Economy, Entrepreneurship, Investment, South Africa, Sustainable IndustrializationAbstract
The South African economy has registered incredible progress in the recent past through boosting living standards and lifting a large number of citizens out of poverty. However, building a stronger and more inclusive economy vis-à-vis ensuring sustainable industrialization requires bold action from policymakers. This paper explores the challenges and opportunities available for South Africa to achieve sustainable industrialization. This secondary study employed journal articles, newspapers, policy documents, and internet sources to achieve the study objectives. The focus was on the promotion of access to higher education, a stronger and fairer labor market, human capital, technology, and the use of natural resources to boost the economy. Nonetheless, South Africa faces a daunting task in achieving these objectives for instance natural resources will not be utilized efficiently without exposure and use of advanced technology. Hence, the paper argues that there should be numerous factors at play to achieve sustainable industrialization. Such factors include partnerships and cooperation with the international community to boost trade, attract foreign direct investment, and promote entrepreneurship.
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