Against the background of amplified industrial policy initiatives, the paper reviews the development of industries in the Southern Caucasus from a comparative perspective. The analysis is organized based on four objectives in industrial policy: increasing economic performance, expanding exports, strengthening economic resilience and creating jobs. The paper explores Armenia's export-oriented development model, which lacks translation into relevant domestic value capture and job creation, Azerbaijan's failed liberation from oil-based industries and Georgia's decreased industrial development. Nevertheless, Georgia shows comparatively high domestic value capture and positive employment effects
