๐TOPIC 06:MANUFACTURING INDUSTRY
Manufacturing industry refers to the industry which involves processing and changing the materials in order to make new products of greater value to man. Manufacturing industries are also referred to as secondary industries
Significance/Importance of manufacturing industry
i) It provides employment
To the fast growing population in the world especially in the tropical countries
ii) Diversification of the economy
Industries lead to diversification of the economy of the country and reduce the reliance on one type of product
iii) Earning of foreign currency
It contributes to earning of foreign currency in a country for example Japan earns a lot of foreign currency because of exporting the manufactured products
iv) It leads to self sufficiency.
This means that the country reduces its reliance on imported goods hence its economy becomes stable
v) Development of transport and communication
It stimulates the development of transport and communication like roads railway lines, ports etc
vi) It reduces expenses on imports
vii) It encourages improvement of social services