NICs are countries that have experienced rapid industrialization and economic growth in recent decades. They are characterized by high investment, capital formation funded by domestic savings, a high propensity to export manufactured goods, and rapid productivity growth. Reasons for their growth include adopting imported technology, cheap labor, export-oriented policies, and government intervention to promote development. While NICs still rely on technology from advanced countries, some have become countries of origin for TNCs themselves and now invest in other developing and developed countries.

1. Newly Industrialised Countries