Ways in which developing countries can improve trade

////Ways in which developing countries can improve trade

Ways in which developing countries can improve trade

Processed platinum fetches a higher price than raw platinum

ZIMSEC O Level Geography Notes: Trade:Ways in which developing countries can improve trade

Trade in developing countries such as Zimbabwe can be enhanced by:

  • Diversification of their economies, that is, by producing a variety of new value added manufactured goods.
  • Investing in human resources so as to produce highly skilled manpower for the new industries.
  • Adopting modern technology and machinery inorder to reduce production costs.
  • Improving packaging of goods to international standards.
  • Upgrading and extending transport networks.
  • Increasing funding for industrial development.
  • Improving basic infrastructure such as water, fuel and power supplies.
  • Use of tarrifs to discourage the importation of finished goods into the country and thus protect infant industries from external competition.
  • Offering subsidies to stimulate exports.
  • Joining regional trading blocs and signing agreements and treaties on trade.
  • Invest in technology to process raw materials into finished goods

To access more topics go to the O Level Geography Notes page

By |2017-02-26T09:42:41+00:00February 26th, 2017|Notes, O Level Geography, Ordinary Level Notes|Comments Off on Ways in which developing countries can improve trade

About the Author:

She holds a Bachelor of Science Honors in Applied Biology and Biochemistry from National University of Science and Technology, a Certificate in Good Clinical Practices from National Institute on Drug Abuse Clinical Trials Network, a Certificate in Leadership from Deloitte and Certificate in Chemistry Laboratory Experiments from Helsinki Metropolian University of Applied Sciences, Finland.
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