challenge will need to be met by clearly focused, targeted innovation, more active corporate strategies, closer industry-government-academia communication in the innovation process and greater attention to upgrading existing skills and already well advanced processes; The low level of present demand and uncertainty regarding the future represents a serious constraint for many Latin American industries. Latin American countries need to encourage their companies to pursue more aggressive and diversified marketing strategies in the North and to better utilize the possibilities which still exist for a wide range of products, including products falling under the Multi Fibre Arrangement (MFA). Some Latin American countries do possess sizeable domestic markets which, owing to the given unfavourable price/income ratio and past government policies are not effectively utilized. With the help of suitable policy measures, they could stimulate industrial growth; The issue of revitalizing and strengthening regional co-operation and integration should be accorded high priority. Advancement in technology would require a greater and more efficient regional pooling of resources for technology R + D. Efforts to utilize more fully the internal demand potential of the region will have to be supported by policies designed to increase the purchasing power of the population in the region. A new emphasis on integrated agro-industrial development might prove a useful step in achieving this goal. IV. CONCLUSIONS 41. The above brief overview of current industrial development trends and key issues confronting the policy makers of developing countries in their endeavours to promote industrial development in the years to come, shows the severity and the diversity of the problems involved. The domestic macro-economic disequilibria as well as various external factors have revealed the vulnerability of the established industrial structures. Some of the industries which were foreseen as winners or which had been earmarked for investment, 
**Analysis**
The text discusses the challenges and opportunities for industrial development in Latin America, highlighting the need for targeted innovation, strategic marketing, and regional cooperation. It also touches on the importance of upgrading skills and utilizing domestic markets, as well as the role of technology and policy measures in driving growth. The focus is on the economic and industrial development of the region, with mentions of international trade and the need to increase purchasing power.

**Category**
Industry, International trade, Economic development