Industrial policies (IPs), broadly understood, are essential for the implementation of an inclusive green development strategy. I argue that a combination of structural economics, green IPS, and a mission-based approach is the most appropriate approach to the conceptualization and implementation of IPs. I analyze the conditions for successful IP outcomes, investigate the possibilities for upgrading and diversification in research-rich Latin American countries, and explore the opportunities and limitations of significant foreign-owned production, especially from China. Government leadership and sufficiently broad-based agreement on IPs are the foremost conditions for IP success. In their absence, other factors cannot compensate. But when they exist, the other factors become critical: capabilities, continuity, transparency, accountability, coordination, win-win polices, and a persuasive narrative.