Import substitution as a strategy of industrialization is the

Import substitution is a strategy of industrialization that involves developing locally produced goods as replacements for imported ones. The idea is to decrease a country's dependence on imported goods and increase local production, which can lead to economic growth and development. This strategy involves creating and supporting industries that can produce goods locally that were previously imported, thereby reducing the amount of money that leaves the country for imports. It also helps to create jobs, increase the number of businesses in the country, and build the country's manufacturing capabilities. Therefore, the correct option is "development of locally produced goods as replacements for imported ones."