Natural resources as a base for development
Natural Resources as a base for development
Natural resources refer to those materials and resources that occur naturally in a locality, such as minerals, forests, wildlife and fertile land. Appropriate utilization of natural resources play an important role in leading a nation towards the economic and industrial development stage. Many nations across the globe are continually growing and prospering by rightly managing their natural resources to extract economic gain out of them. Many success stories have arisen from natural resource wealth. Norway has long utilized its Petroleum Fund to stabilize its oil wealth, providing economic security for the country. More recently, Chile’s Copper Stabilization Fund has proven to be a successful element in the country’s economic recovery since the mid 1980s. In both cases, resource dependence presented challenges that were properly managed, resulting in economic prosperity. Also, Saudi Arabia's vast oil resources have shaped the kingdom's development. Similarly in World War 2 Japan had attacked China to get China’s natural resources to fund its economy. Land and natural resources are key assets for economic growth and development.
Natural resources are necessary to sustain a living on this earth. People not only use these resources to maintain an existence but also to make a living out of their utilization. A fertile land is one of the most important natural resources. It allows human beings to grow food such as rice, wheat, maize, vegetables and fruits etc. This is not only a source of food for people across the world but wildlife, domestic animals, birds and insects also rely on this vegetation for their survival. This calls for the formulation and implementation of appropriate land policies for a better livelihood of the poor, as well as increased private investment in agriculture Working forests are also the nature's gift to the economy,