This research project investigated the role of Vocational Skills Development (VSD) in fostering inclusive industrial growth and transformation in low and middle-income countries. Originating from the need to understand the critical factors influencing VSD's contribution to industrial development, the project comprised two main phases. In the first phase, which was implemented between 2017 and 2020, the focus was on analysing how VSD programs impact industrial growth at the company level, particularly exploring the hypothesis that programs targeting higher occupational levels are more likely to foster inclusive growth. The second phase, 2020 to 2023, aimed at analysing critical factors influencing VSD provision. The project adopted a multi-dimensional approach, examining the interplay between skills formation, industrial transformation, growth, and inclusivity. The research employed a comparative and mixed-methods approach which included contextual analysis, surveys with companies and training providers, qualitative company case studies, interviews with key stakeholders from governments, industry associations and training providers. It also emphasized interdisciplinary collaboration to produce evidence relevant for policy and practice. The goals of this research were diverse: first, to enhance global discussions about VSD by creating a theoretical model that explains how VSD promotes inclusive industrial growth. Second, to use data to confirm the connections in this model, giving us new insights into how VSD affects different situations. Third, to give policymakers useful information about the key factors that make the VSD projects successful, so they can design better programs in the future. Through this, the research aimed to contribute to the achievement of Sustainable Development Goals related to decent work and economic growth (SDG 8) and industry, innovation, and infrastructure (SDG 9).