Ways in which developing countries can improve trade

Processed platinum fetches a higher price than raw platinum

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

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