It has been shown by the industrial development report that in order to ensure a sustainable development, technology should be closely linked with innovation. When appropriate policies will be provided by the policy makers in order to facilitate the process of industrialization and avoid the mistakes other countries have made earlier, a sustainable and inclusive industrialization can rapidly be achieved.
This report also applies on urgency of international cooperation for the purpose of promoting technological changes as well as achieving an inclusive and sustainable industrial development. There is a highly appreciation to the role of technology and technological innovation by the industrial development report 2016 in the process of industrialization and it also affirms the necessity of industrialization for the development process with the help of evidence based research and analysis.
Technology can be very helpful in order to promote all the three dimensions of development such as economy, society and environment and it has been shown by the key findings of the reports. If a country wants to catch up with more developed countries, it should have the ability to change its own structure in order to maintain a high growth rate over a long period of time and this ability is known as the first dimension i.e. Economy.
The second dimension deals with the coverage of the process of changing this structure so that it can reduce poverty, improve the quality of life, create job opportunities as well as distribute income, property and social welfare more effectively and equitably.
Environmental sustainability is the third dimension which includes using of resources in such a way that it will not harm the environmental benefits of future generations.
Technological change is one of the most elements in the direction of long term growth as in the coming decades, many radical innovations are likely to revolutionize the production processes as well as enhance the living standard especially in developing countries such as mobile internet, the internet of things and cloud computing etc.
There is clear evidence that the technological changes can contribute efficiently to the prosperity of nations and the debate about the underlying factors deterring countries from promoting technology and innovation more intensively continuous.
As the technology is essential to sustainable growth but it cannot be said that whether it can simultaneously create social inclusiveness and environmental sustainability.
If the policy makers resolutely facilitate and steer the industrialization process, rapid inclusive and sustainable industrialization can be achieved on the basis of sound policies as well as by avoiding the mistakes other countries have made in past.