KEY RECOMMENDATION 3

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Develop Effective Policies to Support

Global Business Initiatives

Develop Effective Policies to Support

Global Business Initiatives

Effective policies are key to enable manufacturing business to flourish. They provide the guidelines, regulations and the proper funding for research & development necessary to allow for quality and safe production that helps to bolster the world economy. Given the current manufacturing paradigm, it is more important than ever to encourage public stakeholders to develop effective policies and funding schemes so that manufacturing can continue to flourish and grow, enabled by improved manufacturing processes and related industrial machinery.

Clear regulations and policies are necessary to help companies make investment decisions over a long period of time despite uncertainty. This allows organisations to innovate and engage in Research and Development (R&D) since they are aware and understand the regulations that are pertinent to their area of manufacturing. If policies do not exist or are unclear, investments in R&D can be hindered since the regulatory future of a newly developed product may be unclear. As a result, it is necessary to have transparent policies that are easily accessible and understandable by the private sector to order to encourage innovation and further bolster the manufacturing industry. 

Further, policymakers should support the development of technologies that enable a strong manufacturing sector for sustainable development and job creation. Policymakers should consider a wide-array of needs and issues to help manufacturing business grow. For example, new funding schemes to support the innovation in industrial manufacturing machinery. Or, new types of social support programmes are needed in order to take care of those who are not able to keep pace with the rate of innovation. Global standards and regulations should be developed for efficiency and to create more opportunities for innovation and development. National, regional, and global networks should be created for skills development and to encourage innovation, knowledge, and education in order to address the skills gap. A new safety regulation system is needed for human-machine interaction, particularly with robots and other similar technologies. Governments should encourage a more flexible job market with regard to skills and support worker retraining and further education. Responsible trading policies should be encouraged to further enhance cooperation in global supply networks. Re-shoring policies and initiatives to support local job growth should also be considered. Additionally, regulations for new disruptive technologies should be developed in areas such as robotics, virtual and augmented reality, data privacy and security, and AI. All of these regulations should be considered and implemented in a way as to not hinder innovation, growth and progress. 

Finally, policy frameworks should be created across industrial sectors and potential policies should be discussed with a diverse set of industrial representatives. In order to ensure that policies help all manufacturing businesses to flourish, it is imperative that these policies be carefully considered with regard to potential impact. Effective policies are necessary for a manufacturing sector to succeed and grow. It is key that all nations consider their domestic industrial policies to help promote growth and spur innovation. 

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