Question

What are the important characteristics of successful industrial clusters?

Answer 1

Instructions: First, define industrial clusters and then list out some of the important characteristics of industrial clusters.

Solution:

Industrial clusters are groups of inter-related industries
They create wealth in the region primarily through manufacturing and export of goods and services. They are defined in a geographical area and have common markets, technologies and skill requirements.

Some of the important characteristics of industrial clusters are:

1. Geographical proximity
2. Inter-firm collaboration and competition
3. Multi-skilled workforce
4. Supportive regional and municipal governments