AN OUTWARD-LOOKING INDUSTRIALIZATION STRATEGY OF KOREA: A POLICY LESSON TO ETHIOPIA
Abstract
This paper examined the Korean experience of outward looking development strategy in the 1960s to 1980s, and forward some policy lessons to Ethiopia. The analysis generally showed that the Korean successful economic growth strategy can be explained by performance-based incentives for export industries, intensive human capital development, high intervention with huge support for value added private enterprises, committed leadership and outward oriented industrialization with constant policy shifting and upgrading. While the Ethiopian public sector-led growth strategy is inefficient in transforming the economy so that the country’s global competitiveness remains at stake due to unsatisfactory export diversification and inefficient production of the traditional export sectors.
Key words: Outward-looking strategy, export promotion, industrialization, sustainable growth, South Korea, Ethiopia
CITATION: Ayele, G. M. (2020). An outward-looking industrialization strategy of Korea: A policy lesson to Ethiopia. The Strategic Journal of Business & Change Management, 7(3), 1233 – 1243.
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DOI: http://dx.doi.org/10.61426/sjbcm.v7i3.1738
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