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Import substitution industries in Sri Lanka aim to reduce dependence on imported goods by promoting local production. Key sectors include food processing, textiles and garments, pharmaceuticals, and consumer goods. The government has supported these industries through policies that encourage local manufacturing and investment. This strategy seeks to enhance self-sufficiency, create jobs, and boost the economy by fostering domestic production capabilities.
What else can I help you with?
What is import substitution industrialisatoin?
what are the main criticism of import substitution industrialisation
Importance of import substitution?
Import substitution advocates replacing foreign imports with local production. It helps in stimulating economic growth: producing product locally might be cheaper as compared to importing them, and also it leads to development of industries which creates jobs for locals.
What does srilanka import?
They import many things. But tea coconut and rubber are mainly.
Difference between export promotion and import substitution?
what is d difference between import substitution and export promotion
What are the main industries in srilanka?
Farming and agriculture
What is export promotion and import substitution?
export promotion is exporting morn than import when production is more there is more export to other states and countries . import substitution means substituting import from one place to other.
Disadvantages and advantages of import substitution?
gererate employment
Does srilanka export TEA?
Yes they import tea. It is a main impor item.
How entrepreneurship leads to import substitution and utilization of local resources?
Explain how entrepreneurship can lead to import substitution and utilization of resources
What are importance and reasons of import substitution to export promotion strategy?
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.
What has the author Priyatosh Maitra written?
Priyatosh Maitra has written: 'The globalization of capitalism in Third World countries' -- subject(s): Capitalism, Case studies, Economic conditions, Economic policy 'The mainspring of economic development' -- subject(s): Economic conditions, Economic development, Industrialization 'Indian economic development' 'Import-substitution potential in East Africa' -- subject(s): Commerce, Import substitution, Industries
Types of trade policy?
import substitution(impex) and export promotion(exim)
