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Industry clusters are
groups of competing and collaborating industries in a region, networked
into horizontal and vertical relationships, involving strong buyer-supplier
linkages and relying on a shared foundation of specialized economic
institutions. Through a collaborative effort involving the government
and academia, these groups unite for common innovation and R&D.
Because they are built around core export-oriented firms, industry
clusters bring new wealth into a region and help drive the region’s
economic growth and innovation. |