NEWLY INDUSTRIALISED COUNTRY

newly industrialised country: translation

countries that have undergone rapid industrialisation since the 1960s. The process occurs when a determined effort is made to achieve import substitution and significantly increase exports of manufactured goods through competitive pricing. The term is most commonly applied to the four 'Asian tigers' of Hong Kong, Singapore, South Korea and Taiwan, but this is becoming out of date. Most of Hong Kong's manufacturing moved to mainland China in the 1990s for example, although the factories are still managed from headquarter offices in Hong Kong.