Private sector participation strategy in industrialization process

Creating an enabling environment to ensure that privatization and private sector development strategies are implementable has been the major problem in the least developed (LDCs) countries. LDCs lack the establishment of an institutional framework with a well defined responsibility, authority and regulation and this delays achievement of the desired results. For an effective and efficient industrialization process to take place, a workable and achievable private sector development (PSD) must be in place. Insdustrialization as a process of sophisticated transformation is needed to change a society to a more developed one. The impacts of industrialization processes must be given due consideration most especially its effect on the ecosystem and biodiversity of that society.