How Industrial Parks Drive Economic Growth and Development
Industrial Parks or IP’s are paramount for the growth of small and middle-sized enterprises in developing economies. However, in the last decade propelled by the increased global competition and softened FDI norms, private IPs like Solitaire Industrial Park have emerged as the new super tonic for the unprecedented growth of urban business and commerce.
Their importance Industrial Parks can be well summarized in the following points:
Promote Entrepreneurship: Industrial parks are an ideal catalyst for industrialization and economic development. They help put into place an infrastructure that fosters and attracts entrepreneurs of all scale and size.
Best Fit Plots: Industrial Parks offer plots of varying sizes that best fit the requirement of businesses and industries.
Regional Development: Industrial parks promote economic activity in adjacent neighborhood areas by offering better employment opportunities. SIP has been particularly instrumental in the development of areas in and around RIICO Industrial Plots. Further connectivity with DMIC and DFC ensure that freight movements are fast and amplifying business opportunities in the region.
Shared Facilities: Industrial parks offer all urban amenities that businesses desire and benefit from these data like Telecommunications, postal facilities, filling stations, banks etc. These facilities are available for all enterprises to use and benefit from.
Boosts SME Productivity: In developing economies, businesses are not capable enough to ensure all business verticals are of global standard. Hence, the role of IPs become increasingly important for SMEs looking for an increase in productivity through the introduction of efficient logistics and supply chain solutions.
In addition to the above, there are some secondary benefits too like lower income housing, easy connectivity to capital business centers, etc. that help exceedingly in improving socio-economic of the local population. A good example in this regard would be of Trafford Park which was nothing but a five-mile stretch barren land on the outskirts of Manchester in England. In 1896 the world’s first industrial estate was developed on the erstwhile deer park and within a few years, Trafford Park became the epicenter for England’s Industrial grandeur.
Following the success of Trafford Park, Industrial Parks have mushroomed all over the globe all the while driving commerce and business for greater economic stability among global and domestic participants. In modern times too Industrial parks have proved to be the key engines for economic growth and well-being of developing and underdeveloped economies. The worth mentioning ones include King Abdullah Economic City (KAEC, Saudi Arabia), Nisku Industrial Park (largest industrial park in Western Canada), Khalifa Industrial Zone (Abu Dhabi), KHEDCITY (India), Solitaire Industrial Park (Jaipur, India) etc.
