Foreign Manufacturing Research Articles

Financial and economic impacts of the COVID-19 pandemic on aquaculture in Türkiye and financial policy recommendations

The public health measures implemented to reduce the spread of the COVID-19 pandemic have had unexpected consequences in a wide range of industries worldwide including aquaculture. The first case of COVID-19 was also reported in March 2020 in Türkiye. The present study aims to determine the financial and economic effects of the COVID-19 pandemic on the aquaculture in Türkiye by analyzing consolidated financial statements of the industry released by Central Bank of the Republic of Türkiye in September 2021. Within this context, the consolidated financial statements of 2020 were examined using ratio analysis, followed by a comparison of the ratios from 2009 to 2020. As a result of the study, it was determined that the Turkish aquaculture sector continued to grow, the net profit margin improving considerably by 871 % in 2020 compared to the previous year, and the year 2020 achieving the highest profitability performances in the recent 12-year period, despite the severe effects of the pandemic on several industries globally. However, the sector's high financial leverage, inability to produce sufficient revenue to pay its debts, and reliance on foreign manufacturing costs are all concerns that must be managed to maintain economic and financial sustainability. Considering these results, some policy practices related to financial stability are advised so that aquaculture stakeholders can have a stronger financial and economic structure in the face of random shocks such as the Covid-19 pandemic.

Vertical Political Fragmentation & Firm Market Entry: An Examination of Maquiladora Entry in Mexico

This study advances scholarly understanding of how political fragmentation, the situation wherein public officials from different political parties control different government jurisdictions, affects firm market entry. Although the extant literature suggests that political fragmentation creates favorable environments for firm market entry, empirical studies show mixed results, potentially because the extant literature has not differentiated between the effects of different types of fragmentation. We address this conundrum by distinguishing theoretically between the effects of what we term horizontal fragmentation (which occurs between jurisdictions at the same level in the government hierarchy) and vertical fragmentation (which occurs between jurisdictions at different levels) and underscore that existing research has focused on the effects of the former while overlooking the effects of the latter. We examine the entry of 6,000 foreign manufacturing firms (maquiladoras) into 2,057 cities in Mexico between 1990 and 2006 and find that vertical political fragmentation has a negative effect on firm market entry by fostering adverse business environments. Implications for international business studies and business and government research are discussed.

Total expenses for managerial remuneration in foreign manufacturing subsidiaries during the COVID-19 pandemic: a pilot exploration of applied policies

PurposeThis study aimed to reveal the policies applied to determine the total expenses for managerial remuneration in manufacturing subsidiaries during the COVID-19 pandemic.Design/methodology/approachThe author analyzed the annual financial reports of Russian manufacturing subsidiaries containing data on managerial remuneration and compared the dynamics of annual revenues and the amount of annual managerial remuneration.FindingsThe author identified four types of policies regarding the total amount of managerial remuneration. In a minority of cases, when revenues decreased, the share of the total amount of managerial remuneration in total revenues also decreased. The author also observed “payment for efforts”; although revenues decreased in 2020, the share of the total amount of managerial remuneration in total revenues increased. In 17% of cases, when revenue increased, the share of the total amount of managerial remuneration in revenue also increased. Finally, in 50% of cases, the COVID-19 pandemic served as a pretext to generate savings from the reduction in the total amount of managerial remuneration despite the increase in revenues.Originality/valueThis is the first study to use real financial reports to evaluate the dynamics of the total amount and share of managerial remuneration in revenue during a crisis.

Nexuses Between Energy Efficiency, Renewable Energy Consumption, Foreign Direct Investment, Energy Consumption, Global Trade, Logistics and Manufacturing Industries of Emerging Economies: In the Era of COVID-19 Pandemic

This study aims to find the nexuses among energy efficiency, renewable energy consumption, foreign direct investment, logistics industry, manufacturing industry and global trade during the COVID-19 pandemic and their impact on global supply chains in exporting nations of the world. The data for this study has been extracted from the World Development Indicators and Statista 2021 for 13 years ranging from 2007-to 2020 for nine top exporting countries. The fixed effect panel estimation technique was implied to examine and analyze the data. The results of our study revealed that highly risky diseases significantly impact supply chain operations globally. Global supply chains, logistics and manufacturing industries significantly influence global trade operations. Our results implicate that the overall international trade and logistics can be enhanced by improving the manufacturing and logistics industries by coping with the risk of pandemic diseases. Moreover, by utilizing cost-effective, renewable and efficient energy resources companies address sustainability issues of global trade and operations. By exerting further attention to the proficiency of the levies approval process, competence and quality of logistics services, and ease of assembling competitively priced shipments, the governments can significantly enhance the export from the logistics industry. Also, increasing manufacturing and agricultural value-added healthier consequences might be acquired in global supply chain operations from the manufacturing industry.

I. T. Pososhkov – the first classical economist in Russia (to the 370th anniversary of his birthday)

Introduction. The year of 2022 marks the 370th anniversary of the birth of the outstanding Russian scientist and economist I. T. Pososhkov. The aim of the study is a comparative analysis and evaluation of the role of I. T. Pososhkov in the history of Russian and world economic thought. Materials and Methods. The study used structural-functional and program-targeted approaches, methods of analysis, synthesis, generalizations and axiology, as well as historical-retrospective, historical-genetic and hermeneutic methods for studying the main socio-economic ideas of I. T. Pososhkov. Results. In the article, taking into account the approaches to the scientific work of I. T. Pososhkov available in modern economics, a historical and retrospective analysis of his socio-economic views and the content of his writings is given. A special place in the views of the scientist is occupied by his ideas about the essence of wealth, the nature and role of labor, as well as ideas about effective housekeeping, the role of the state in the economic development of the country, the organization of domestic and foreign trade, manufacturing and handicraft production, money circulation. The position on the protectionist nature of the ideas of I. T. Pososhkov in the field of social and economic life of Russian society and their relevance in modern conditions is argued. Discussion and Conclusion. The study showed that despite the existence of different assessments of the views of I. T. Pososhkov and the presence of attempts to attribute him to various areas in the history of economic thought, he can rightly be considered as a classical economist and the founder of Russian economic science, whose ideas anticipated the emergence of some fundamental scientific concepts and retain their relevance in modern conditions.

Supply Chain Management System for Automobile Manufacturing Enterprises Based on SAP

The heavy-duty truck industry has always been regarded as an “economic vane,” and as the carrier of production materials, its degree of cold and heat can better reflect the quality of the macroeconomic environment. The SAP system is currently the ERP software with the largest functions and the most sales and has been widely used by large domestic and foreign manufacturing enterprises. Because of its specific development for enterprises, it is also the most expensive ERP software in the world. This research integrates the existing information resources, takes SAP (system applications and products in data processing) system as the enterprise’s information platform, unifies the information platform into SAP system by integrating the existing information resources (financial system, logistics system, cost control system, production control system, etc.), avoids the information island phenomenon as far as possible, and finally realizes the integrated and unified enterprise information management, which is convenient for the rapid traceability of historical data, providing the best decision analysis method for managers. It is possible to eliminate all non-value-added operations in the value chain, find out the point of cost reduction and efficiency increase, comprehensively optimize the production value chain, improve production efficiency, and finally achieve the purpose of this book. The project implementation of automobile company adopts independent minicomputer system (HP server), with SAPR/3 system as the core and C/S (customer/service) architecture, so as to gradually expand the system function in the future. From the comparison before and after the launch of the SAP project, the above two indicators have increased by 1.5 times, the order fulfillment rate has increased from 30% to 45%, and the timely delivery rate has increased from 60% to 90%. Effective cost control can reduce costs, produce products with larger output and better quality at the same cost, and enable enterprises to maintain an advantage in the competition; effective cost control can also enable enterprises to develop a variety of configurations at the same cost. Products meet the individual needs of customers. The design of this article makes the company’s supply, production planning, logistics, and demand synchronized and integrated.

A Comparative Investment Analysis of Batch Versus Continuous Pharmaceutical Manufacturing Technologies.

PurposeThis study examines the risks and economics associated with investing in continuous (CM) versus conventional batch manufacturing for production of oral solid dosage pharmaceutical (OSD) products in the USA and abroad.MethodsA stochastic net present value (NPV) simulation of brand and generic manufacturing for new facilities is conducted comparing batch and continuous manufacturing processes leveraging actual industry financial revenue and cost information, and detailed engineering cost information of batch and CM manufacturing processes from a seminal manufacturing cost analysis of these two technologies.ResultsWhen looking at comparing investment in either CM or batch for a new U.S. facility, the results clearly suggest that the lower costs associated with CM technology should lead to both brand and generic companies investing in the more CM manufacturing technology. The simulation analysis demonstrated that under current U.S. tax rates, investing in batch technology at U.S. sites would be economically more attractive than investing in batch technology in China or India. Investing in CM technology in the USA under current tax rates results in positive expected net NPVs over batch technology investments in China or India for both brand and generic companies. U.S. tax policy has a material impact on whether pharmaceutical companies would decide to invest on the USA or not for their manufacturing.ConclusionsResults indicate that continuous manufacturing has the potential to make manufacturing of OSD pharmaceuticals more economically attractive in the USA than foreign manufacturing of those products.

FDI and spillovers: New evidence from Malaysia’s manufacturing sector

AbstractThe spillover effects of foreign direct investment (FDI) are often viewed as potential contributors to economic growth and development in developing countries. As a developing country that adopts a proactive stance towards FDI, Malaysia provides a good setting to investigate whether and to what extent FDI‐induced spillovers potentially benefit national firms. Using an unpublished establishment‐level dataset comprising 10,953 manufacturing firms in 2015, this study examined the productivity and spillover effects of foreign manufacturing firms on national firms in Malaysia. While foreign firms exhibited higher productivity than national firms, the results showed that FDI generates high spillovers on national firms among FDI‐concentrated industries, but not on industries with low FDI concentrations. In response to methodological call by Melitz’s new‐new trade theory to include firms’ heterogeneity to understand the economy at macro‐ level, this study contends that the presence and extent of FDI‐induced spillover benefits on national firms depends on industry and firm characteristics. Thus, policy instruments must consider sector‐ and firm‐ specific characteristics to appropriate FDI spillovers as an enabler for national firms to survive, learn, catch up, and eventually compete in the global market.

Impact of hydropower consumption, foreign direct investment and manufacturing performance on CO2 emissions in the ASEAN-4 countries

PurposeThe continuous increase in the discharges of carbon emissions (CO2) in the global atmosphere and the likely negative consequences of this practice on the atmosphere draw the attention of researchers and policymakers to argue on the causes and perpetrators of CO2 emissions. This paper aims to examine the impacts of hydropower consumption, FDI and manufacturing performance on CO2 emissions in the Association of southeast Asian nations (ASEAN)-4 countries.Design/methodology/approachThe study uses the data on variables, such as hydro-power consumption, FDI, manufacturing value added and CO2 emissions spanning the period 1980–2015. Autoregressive Distributive Lag Bound test approach was used to assess the relationships among the variables.FindingsThe long run estimation of elasticities for all the countries indicates that the coefficient of hydro power consumption was found to be significantly related to CO2 emissions only in Malaysia. Additionally, the coefficients manufacturing performance were found to be significant in influence the amount of CO2 emission in all the ASEAN-4 countries. Furthermore, the coefficients of FDI inflows were found to be significant in explaining CO2 emissions in Malaysia and the Philippines, respectively. In the short run, the estimated results show that all the variables were found to be significant in explaining CO2 emissions in the countries under study.Research limitations/implicationsSingapore is excluded from the ASEAN-4 due to insufficient data on hydro energy consumption.Practical implicationsThe study recommends that as Hydro power energy is a clean source of renewable electricity. Its consumption indicates a negative relationship with CO2 emissions. The countries should emphasize more on the use of hydro source of energy than the other sources which increase the rate of CO2 emissions in the atmosphere.Originality/valueAs most of the relevant previous studies did not consider the simultaneous impact of hydro energy consumption, FDI and manufacturing value added on CO2 emissions in the ASEAN-4, this study is an important contribution to the existing relevant literature.

Adoption of digital technologies and backshoring decisions: is there a link?

The present paper assesses whether the adoption of Industry 4.0 technologies can be related to backshoring. It does so by -firstly- investigating the implementation of such technologies by industrial firms with foreign production plants, the experiences and intentions of these firms regarding the location of production activities, and -secondly- by analyzing backshoring cases among them.It finds that backshoring is a rare phenomenon, and it is questionable whether there is a correlation, left alone causality, between the adoption of digital technologies in home-based manufacturing sites and backshoring hitherto. And while the future may hold more backshoring movements in store, they may not be primarily due to the adoption of Industry 4.0 technologies at home-based plants. Instead, other (foreign) location-specific factors seem to have greater weight in the decision-making processes around backshoring operations. I.e., deteriorating sales forecasts in offshore places where firms have production activities, increases in institutional uncertainty in such places, rationalization of global production apparatuses, and/or a lack of possibilities to deploy foreign manufacturing activities and output for third markets. Also against the backdrop of events like the outbreak of Covid19 and the uncertainty-raising effect it has on international business, the trade-off between producing off-shore or bringing manufacturing activities back home is not likely to depend on technology adoption levels at home and abroad either.

Study of Development problems dynamics of Ukrainian market of stomach ulcer treatment drugs

This article presents the analysis results of Ukrainian pharmaceutical market segment of stomach ulcer treatment drugs. It was determined that, judging by the quantitative indexes, Ukrainian market of anti-ulcer medication is an actively developing structure that maintains the stability of its development qualitative characteristics nonetheless. For example, during two years (01 June 2016 – 01 June 2018) the quantities of medicinal products and companies that represent these products in Ukraine have both grown: from 396 to 448 names (13.13%) and from 90 companies (25 of them Ukrainian) to 98 (28, correspondingly). On the background of quantity growth of Ukrainian-made drugs from 84 (2016) to 92 (2018), the specified market segment has shown significant dependency on import. For example, the proportion (%) of foreign production drugs has grown from 78.79% (2016) to 79.46% (2018). KRKA is an uncontested leader by the quantity of marketed medicinal products (2016 – 28 products, 2018 – 32 products). The products of Takeda Pharmaceutical Company Limited are presented in the second place (22 and 23 products, corresponding to the years under study). The products of Dr. Reddy's Laboratories take the third place (20 and 21 products, corresponding to the years under study). The said pharmaceutical market segment has kept its monopolistic pattern of distribution as judged by the manufacturing companies whose products are presented in Ukraine, and by international non-proprietary names of products and their pharmacotherapeutic groups. For example, just 8 foreign manufacturing companies were responsible for 40.17% (2016) and 31.92% (2018) of imported assortment of anti-ulcer drugs, and 7 domestic companies were responsible for 64.29% (2016) and 61.54% (2018) of domestic assortment of these drugs. In 2016 75.76% and in 2018 – 71.65% of the whole assortment of anti-ulcer drugs were presented by the drugs from the following groups: A02B-Drugs for peptic ulcer and gastro-oesophageal reflux disease (Gord), A02BC Proton pump inhibitors (55.30% and 50.22%, corresponding to the years under study). Five drugs (A02BC02-Pantoprazole, A02BC01-Omeprazole, A02BC05-Esomeprazole, A02BC03-Lansoprazole, A02BD Combinations for eradication of Helicobacter pylori) presented more than a half of marketed assortment of anti-ulcer products (2016 – 56.57%, and 2018 – 55.14%). Tableted dosage forms (2016 – 58.33%, and 2018 – 55.80%) and drugs of synthetic origin (2016 – 76.26%, and 2018 – 78.13%) have kept their leading positions on the market. Authors have discovered that during 2015-2018 the average retail prices of anti-ulcer drugs have shown the trend of systematic growth. The highest growth of average retail prices was observed for A02BX13-Alginic acid ( avg.=1.37), and the lowest ‒ for A02BC06-Dexlansoprazole ( avg.=1.04). The given above characteristics of the market segment that was studied allow us to state the need to develop and establish the national program of import substitution for the assortment of anti-ulcer drugs in Ukraine.

The Concrete Research Based on Computer Technology in Mechanical Manufacturing

The machinery industry is an important pillar of China’s economic construction. The design stage of traditional mechanical manufacturing is very difficult. This leads to the backwardness of mechanical equipment in our country. With the development of computer technology, great changes have taken place in the machinery industry[6]. According to the means of foreign machinery manufacturing, scholars believe that computer technology can promote the progress of machinery manufacturing level. Computer technology is also widely used in mechanical manufacturing. This paper describes the shortcomings of the current mechanical manufacturing technology. This paper also describes some applications of computer mechanical manufacturing technology.

The impact of right-to-work legislation on foreign manufacturing employment in the United States

ABSTRACT This study investigates the impact of right-to-work (RTW) policy on the growth of manufacturing employment in the United States. Of particular theoretical interest is the impact of RTW law intervention on manufacturing employment by foreign investors, compared to changes in the general patterns of manufacturing employment. Using the U.S. Census Bureau’s County Business Patterns data and the Bureau of Economic Analysis’s Foreign Direct Investment in the U.S. data, we compare changes in the number of total and foreign manufacturing jobs in Indiana, Kentucky, Michigan, West Virginia, and Wisconsin, five states that recently passed RTW legislation, with those in non-RTW regions. Results show that new RTW regions experience more growth in total manufacturing employment than non-RTW regions. In addition, foreign manufacturing employment also grows larger in new RTW regions than in non-RTW regions and to a greater extent than domestic manufacturing employment. We attribute these findings to foreign firms’ efficiency-based goal orientation and their footloose-ness.

FOREIGN DIRECT INVESTMENT, ENERGY INFRASTRUCTURE AND MANUFACTURING OUTPUT IN NIGERIA

In recent years, developing countries like Nigeria with large human and natural resources have attracted huge investment leading to a rise in foreign investment into the Nigerian economy. To create the conditions that would attract more Foreign Direct Investment into the manufacturing subsector, the right infrastructure must be put in place. This study examined the relationship between Foreign Direct Investment, infrastructure and manufacturing output in Nigeria. Time series data between the periods of 1981-2016 was used. Johansen cointegration was used to assess the relationship between Nigeria's foreign direct investment, infrastructure, and production efficiency. The result showed that the explanatory variables and the manufacturing production in Nigeria have a long-run relationship. The relationship between foreign direct investment, infrastructure and manufacturing production in Nigeria is also found to be significant and positive. Following the finding of the study, specific policy recommendations were made to improve energy infrastructure for the manufacturing sector and keep foreign investment flowing into the economy.

Global value chains and servicification of manufacturing: Evidence from firm-level data

Recent literature on global value chains (GVCs) has mainly focused on manufacturing firms’ global sourcing and investment strategies. Our question here is that, if the manufacturing firms established foreign manufacturing plants and engaged in sourcing inputs and exporting outputs, have they changed their domestic employment composition toward service workers? This is what we call servicification of manufacturing firms in this paper. To answer this question, using Korean firm-establishments matched data, we examine changes in the shares of service employment in manufacturing firms from 2008 to 2013, when those firms are participating in both import-and-export and foreign direct investment (i.e., GVC firms). We find that the two-way trading firms that own manufacturing plants in foreign countries—and particularly in nearby foreign countries—have changed their domestic employment structures to increase the number of service workers they employ. Moreover, the relatively greater increase in the share of R&D workers than of wholesale-and-retail workers serves as further evidence of the servicification of domestic manufacturing. Overall, our findings suggest that Korean firms who engage in GVCs through both trade and foreign direct investment have reorganized domestic labor structure to be able to provide high value-added headquarter services for their manufacturing plants that are closely located in foreign countries.

Do in-network ties help in lowering subsidiary divestment rates under environmental challenges?

This study examines the relationship between the in-network ties of a foreign subsidiary and its longevity in the face of environmental challenges in its host country. It specifically examines whether in-network trade and human ties can help reduce divestment rates under unfavorable and uncertain host market conditions. Empirical tests on a large sample of Korean foreign manufacturing subsidiaries reveal that the positive effect of unfavorable market demand on subsidiary divestment is negatively moderated by exchange rate uncertainty in its host market. Further, the effect of uncertainty on divestment is weakened when subsidiaries have stronger in-network trade ties or expatriate board members. This study contributes to the foreign divestment literature by examining how in-network connections and board-level support influence the longevity of foreign subsidiaries in hostile macro-economic contexts.

Analysis of Quality of Service in VANET

VANET as Inter-vehicle communication is becoming a promising area of research, standardization, and growth with the ever-growing number of vehicles equipped with computer technology and wireless communication tools. Due to its erratic portability and the interrupted availability of a network, VANET is relatively incomprehensible for a strong end to end communication, In Vehicular Network the main advantage is that it communicates by using nodes. Because of its simple and basic method of communication, MANET is used most often in the military, just like data sharing between different computers. VANET and some modifications are identical to MANET. VANET encompass the mobile nodes which are indicated as (MN), The vehicle networking system has drawn significant interest from academia and industry since its establishment. Its technology is used for military purposes by several foreign manufacturing and government sectors, it also enables a wide range of applications, including collision prevention, security, blind crossing, dynamic route planning, traffic condition monitoring on a real-time basis, etc but there are certain loopholes or drawbacks like frequent network drop, high mobility which affected the overall QoS, In this paper, there are brief analyses on Quality of Service which include certain Routing Protocol like DIVERT, FBAODV, DSR and also to decrease the congestion control, there is a comparative study of the different protocol which evaluates in increasing the throughput and network efficiency.

Perfection of the equipment of electromagnetic stirring in moulds of billet and bloom CCM

To avoid defects of continuously casted billets, such as core porosity, shrink liquation, ingot developed dendrite structure and others, various methods of external physical impact on the crystallizing billet are used. One of the most technological and effective of them is the electromagnetic stirring (EMS) of the liquid melt of the crystallizing billet. An analysis of the experience of industrial EMS systems application at steel plants of Russia was accomplished. It was noted, that operating in Russia industrial CCM, intended for production of high quality billets, are equipped mainly by EMS systems of foreign production. The stator of the EMS is located outside a mould body and the bodies of the stator and the mould are manufactured of nonmagnetic steel of austenite class. Such systems are characterized by low reliability and high energy consumption because of their design features (location outside a mould body and necessity to use for them a separate circuit of cooling by a “boiler” water). Bessides, most of the EMS stators of foreign manufacturing are made in nonseparable bodies, hence in case of a failure the expensive rrepair of the stators should be carried out at the foreign plants-manufacturers. At present in Russia the EMS systems are being elaboorrated by specialists of AKKH “VNIIMETMASH”, Moscow. VNIIMETMASH within the frame of import substitution program elaboorated both built-in and external variants of EMS systems for moulds of billet and bloom CCM, the stator coil poles being cooled bby the water of the mould and its winding is made of immersible into water wire with a double insulation. Based on the results of thee study it was determined, that location of the elaborated EMS systems in a mould results in improving of the surface quality, as welll as quality of the subsurface layer and the billet macro-structure, decreasing of the point unevenness and decreasing of number of thee subshell bubbles.

Political Fragmentation and Firm Entry in the Mexican Maquiladora Sector

Although prior studies using a bargaining perspective have argued that political fragmentation has a positive impact on organizational outcomes and market entry, they have narrowly focused only one type of political fragmentation, horizontal, to the neglect of the other, vertical. By failing to consider the differences between these two types of political competition, prior predictions on the effects of political fragmentation on firm outcomes are likely to be more limited than previously posited. We examine vertical political fragmentation and argue that this will have a negative impact on firm decisions to enter geographic markets. Applying an institutional theory lens, we propose that vertical fragmentation will reduce the attractiveness of certain locations as potential sites for firms by augmenting institutional complexity and diminishing organizational access to resources. By examining market entry of all foreign manufacturing firms (maquiladoras) into Mexican cities from 1990 to 2006, the results show that vertical political fragmentation decreases firm entry, and that this effect is mediated by the amount of public resources that flow from upper to lower-level government jurisdictions, and is moderated by vertical fragmentation at other government levels and in jurisdictions where vertical fragmentation is a new phenomenon.

Foreign direct investment and manufacturing pollution emissions: A perspective from heterogeneous environmental regulation

AbstractSustainable development has become the consensus of mankind. Reducing manufacturing pollution emissions is critical to manufacturing sustainability. This article explores the influence of heterogeneous environmental regulation and foreign direct investment (FDI) on manufacturing pollution emissions, based on the micro data of Chinese manufacturing enterprises. The results show that FDI significantly increases manufacturing pollution emissions, and both expenditure‐style environmental regulation and investment‐style environmental regulation have an inverted U‐shaped relationship with manufacturing pollution emissions. Moreover, the expenditure‐style environmental regulation can only restrain the manufacturing pollution emissions caused by FDI in the current period, while the investment‐style environmental regulation is not only effective in the current period, but also plays a role in the lag period. Further research finds that both expenditure‐style environmental regulation and investment‐style environmental regulation have significant industrial and regional heterogeneity in reducing manufacturing pollution emissions caused by FDI. Our findings provide a reference for the rational introduction of foreign capital and manufacturing industry sustainable development.