import substitution
Definition
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.
Mentioned in these definitions
Popular 'Banking, Commerce & Finance' Terms
import substitution in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/import-substitution.html
