Promoting Industrialization in Developing Countries Through Industrial Parks: International Practice of the Belt and Road Initiative from the Perspective of New Structural Economics

While the Belt and Road Initiative (BRI) has greatly enhanced infrastructure development and connectivity across partner nations, it has yet to effectively tackle the challenge of premature deindustrialization in developing economies, especially those in Sub-Saharan Africa. Grounded in New Structural Economics and its Growth Identification and Facilitation Framework (GIFF), this chapter argues that industrial parks represent a viable strategy to advance industrialization. By harnessing host countries’ comparative advantages, addressing infrastructure gaps, and attracting foreign investment, such parks can foster sustained industrial development. Key policy recommendations include adopting an integrated “infrastructure + manufacturing + services” investment model for industrial park construction, supported by a dedicated BRI banking consortium to ensure stable financing and effective risk mitigation. The chapter further proposes strengthening collaboration with multilateral development banks, actively pursuing third-party market cooperation with developed economies to distribute risks, and embedding green development as a central principle through the use of local renewable energy to build environmentally sustainable industrial parks.