What is the Industrial Policy Action Plan?

2013-04-07 10:00

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The fifth iteration of the Industrial Policy Action Plan (Ipap), which was launched on Thursday, covers specific action plans to spur industrial growth and reduce unemployment until 2016.

Originally launched in 2007, Trade and Industry Minister Rob Davies said the latest version would focus on value-added production, with state support centred on nurturing industrial development.

Davies said: “Ipap is based on the need for sustainable, long-term development that is underpinned by higher growth, exports and labour-intensive, value-adding economic activity in the production sectors, led by manufacturing.”

Previous beneficiaries include appliances group Defy, technology products firm Hisense as well as the BASF Group, the largest chemical firm based in Germany.

Davies explained that Ipap would in the next year focus on mineral beneficiation, regional integration, providing incentives to promote innovation and technology, as well as infrastructure development.

Referring to the nation’s massive infrastructure development drive, the minister said the strategy offered “the possibility of substantially increasing aggregate demand for the key inputs that will be required and for the localisation of a wide range of manufactured inputs”.

Other manufacturing growth opportunities are seen in the exploration of new export markets, as well as expanding trade with Brics (Brazil, Russia, India, China and South Africa) nations.

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