Most developing countries are making a very big mistake of plundering their natural resources in an effort to revive their economies. This has been evident in quite a number of countries that continue to put their hopes in natural resources instead of boosting other sectors of their economies. Such actions have been displayed in many high profile continental and global business conferences where some developing countries have showcased mining opportunities to the world in the hope that inviting other countries to extract the minerals will save their economies.
The first big step developing countries should take in developing their economies is talent development. These countries should learn from developed countries like USA where most of the youths are employed in the entertainment industry. The entertainment industry is one of the most important economic sectors of America as it employs thousands of youths. This means their economy has the capacity to employ the bigger chunk of their populations and run without the plundering of natural resources.
Developing countries need to focus more on promoting the service industry by promoting the service industry as well as intellectual property rights. By focusing on alternative business options such as electronic commerce, digital banking, digital healthcare and other service industries, mineral resources and other sources of wealth can be saved. Mining activities can then be done just to support the annual budgets, and suspended when production is not necessary.
Most developing countries have been plundering their natural resources by creating a lawless mining society with several loopholes that allow smugglers to at free will. Future generations now face the threat of a dead service industry coupled with depleted natural resources.
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