Newly Industrialised Countries 1233256504987187 1Presentation Transcript
Newly Industrialised Countries
Location of Newly Industrialised Countries
What is an NIC?
Newly Industrialised Countries (NIC's) are LEDCs that have undergone recent, rapid
industrialisation and experience rising incomes, high growth rates and international
involvement. Eg Asian tigers Taiwan, Singapore, Hong Kong, and South Korea, achieved
high rates of growth in the late 20th century.
Typically NIC's have made progress because of appropriate government intervention to
make markets work better through investment in human capital and by adopting an
There are a number of countries around the world that can be accurately described as Newly Industrialised Countries (NIC's). They all share the same characteristics, and one of the best examples is South Korea.
South Korea is one of the countries in south-east Asia described as being part of the Tiger Economies. The others are Taiwan, Singapore and Hong Kong. NIC's share the characteristics of being:
An increasing exporter to the world market, usually by copying existing products and then re-producing them for a much cheaper price.
Rapid growth in the manufacturing sector, which results in far more exports and a rapidly rising GDP.
The Advantages of Asia for industrial location Cheap labour : Wages are low by world standards. Asian workers are reliable and work hard for long hours, often in factories that would not meet all of the health and safety standards of those in MEDCs. Transport : All countries in the region have access to the main shipping lanes. The use of containers has reduced the cost of transporting manufactured goods by sea. Market : Although many factories were set up to export their products, home markets within the Asian countries are increasing as people become more prosperous. Government : Although many governments discourage the import of manufactured goods, they encourage the import of capital and technology to establish factories and provide employment.
NIC Case study; South Korea
South Korea is known as a NEWLY INDUSTRIALISING COUNTRY (NIC) or a tiger economy.