There are three keys to a successful industrialization and economic diversification strategy. One is to have a clear government strategy - not to be confused with direct state involvement in running industries, which we all acknowledge to be a thing of the past. It is a well-known fact that in South East Asia, governments took an active role in promoting industrialization, intervening at strategic points through regulation and incentives and mobilizing resources where appropriate. The second factor in promoting industrialization and diversification is regional integration. The third is a robust private sector response. I will elaborate briefly on the latter two issues.
A nation's place in the world is defined by a matrix of factors, which are reflected in two dimensions - how the nation sees itself and how others see it. The nation's image of itself emerges from the shared dreams and vision of the leadership and the citizenry and may involve some myth making. Its perception by others, however, will include their evaluation of that nation in the power calculus of the international order. If we are the Giant of Africa, we should not only project that image but there would be ingredients in that projection that will enforce recognition and compliance by other states.