VIENNA - Companies and governments need to come together to redesign their industrial strategies to ensure productivity, innovation and economic growth, according to a new white paper from the World Economic Forum, the UN Industrial Development Organization (UNIDO) and the University of Cambridge's Industrial Innovation Policy Group.

Co-author, UNIDO's Adnan Seric, says, "Manufacturing industries stand at a critical juncture due to an increase in global disruptions, ranging from those caused by geopolitical and macroeconomic events to the impact of the accelerating pace of technological innovation."

"This short report offers a framework to facilitate discussion between private and public stakeholders. It helps them better understand the trends and challenges that are currently transforming industries and inform the design and development of the next generation of industrial strategies."

The paper highlights five grand challenges for companies and governments to address current global disruptions:

• Decarbonizing manufacturing operations, products and supply chains.
• Enhancing supply chain resilience.
• Accelerating the scaling up and adoption of novel industrial technologies.
• Securing the future of the manufacturing workforce.
• Linking business values with social and environmental responsibility.

Read The Future of Industrial Strategies: Five Grand Challenges for Resilient Manufacturing