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Import substitution is crucial to export promotion as it encourages domestic production, reduces dependency on foreign goods, and helps build a competitive local industry. By fostering local manufacturing, countries can enhance their self-sufficiency and create jobs, leading to economic stability. Additionally, a strong domestic market can support the development of export-oriented industries by providing a base for innovation and quality improvements. Ultimately, balancing import substitution with export promotion can lead to sustainable economic growth and a more resilient economy.

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