Third, limited participation in the international division of labor, inadequate external investments, and the absence of trade promotion agencies collectively undermine the competitiveness of the manufacturing sector, leading to declines in exports, employment, and output. [...] Fourth, while the informal sector may absorb a significant portion of the displaced manufacturing labor force, it poses challenges to the sustainability of the industry in the long run. [...] 8) Innovation and Research and Development (R&D) Spending: The level of investment in innovation and R&D is crucial for the sustained growth and competitiveness of the manufacturing sector. [...] The importance of manufacturing in the economy of Bangladesh and other countries is measured as the value added of manufacturing as a percent of GDP. [...] The Royal Government of Cambodia has endorsed various policies and legal frameworks in the short, medium, and long term to develop the country’s industrial sector as well as to keep industrializing the economy to achieve the vision of becoming an upper-middle-income country by 2030 and a high-income country by 2050.
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- Japan