A Systematic Review on the Socioeconomic Impacts of Industrial Innovation Parks in Developing Countries

Onyeizu Chinedu
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Onyeizu Chinedu: Department of Park Development, Abia Industrial Innovation Park Limited, Lagos State, Nigeria

International Journal of Research and Scientific Innovation, 2024, vol. 11, issue 12, 836-848

Abstract: This research investigates the socioeconomic impact of Industrial Innovation Parks (IIPs) in developing countries. IIPs, encompassing science parks, technology parks, and innovation districts, aim to foster innovation, attract investment, and drive economic growth. This study systematically reviews existing literature, analyzing research on the impact of IIPs on key socioeconomic indicators, including job creation, economic growth, and regional development. The review examines the role of various factors influencing IIP success, such as government policies, infrastructure development, access to finance, and the availability of skilled labor. Findings indicate that IIPs have the potential to stimulate economic growth, create high-value jobs, and promote technological advancement in developing countries. However, challenges such as potential social inequities, the need for strong public-private partnerships, and the importance of context-specific approaches are also highlighted. Furthermore, this research develops a conceptual model of the socioeconomic impact of IIPs, highlighting key inputs, processing activities, and key socioeconomic indicators as outputs. This review contributes to a better understanding of the multifaceted nature of IIPs and provides valuable insights for policymakers and practitioners seeking to maximize the socioeconomic impact of these initiatives in developing economies.

Date: 2024
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