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