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The Development Experience of the Korean Machinery Industry and Its Implications for Developing Countries

Author Kwang Soon Park Date 2018.11.23 Page 77
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This paper outlines various factors and the implications they carry, which major developing countries such as Indonesia, Malaysia and Vietnam should consider when establishing detailed policies to nurture their machinery industries.
The paper consists of five main sections. Section 2 reviews the characteristics of global production network of the machinery industry and compares its development course in major countries. Section 3 presents an historical overview and statistical analysis of the Korean machinery industry’s development. The evolution of development policy of the Korean machinery industry is presented in Section 4. Section 5 analyses policy measures for industrial development of the machinery industry, and the implications the research carries for developing countries’ machinery industries are described in Section 6.
The machinery industry can develop through steady accumulation of technology and experience, and it tends to rely on an implicit knowledge base, which is why it is difficult for developing countries to target for growth.