Export-oriented industrialization

Export-oriented industrialization (EOI) is an economic strategy where a country focuses on producing goods specifically for export to international markets, rather than just for domestic consumption. This approach encourages the development of industries that can compete globally, often leveraging cheap labor and resources. Countries adopting EOI typically experience growth in employment, technological advancement, and foreign investment. Successful examples include South Korea and Taiwan in the late 20th century. The goal of EOI is to boost economic development by integrating into the global economy and increasing exports, which can lead to greater national income and improved living standards.