Definition of Import substitution:
Government strategy that emphasizes replacement of some agricultural or industrial imports to encourage local production for local consumption, rather than producing for export markets. Import substitutes are meant to generate employment, reduce foreign exchange demand, stimulate innovation, and make the country self-reliant in critical areas such as food, defense, and advanced technology.
How to use Import substitution in a sentence?
- There are many different strategies to try and boost your bottom line and one of them is trying an import substitution .
- You may want to take on an import substitution strategy if you think replacing your product with something else might boost sales.
- At the meeting, the leaders said that they were going to implement an import substitution strategy, that would help everyone out.
Meaning of Import substitution & Import substitution Definition