The import-substitution strategy of industrialization is to encourage

The import-substitution strategy of industrialization is aimed at encouraging domestic production of goods that are currently being imported from other countries. This strategy involves the implementation of policies and measures to support the growth and development of domestic industries that can produce these goods. The main goal of import-substitution is to reduce reliance on imported goods, which can help to save foreign exchange and increase local employment opportunities. By promoting domestic production, the strategy seeks to create a self-sufficient economy that can meet the needs of its citizens without relying on imports. Import-substitution encourages the growth of industries that can produce goods on a large scale, which can help to lower production costs and make the products more affordable. This can lead to increased consumer demand for domestic products and can help to boost economic growth. In contrast to exportation, which involves producing goods for sale in other countries, import-substitution is focused on producing goods for local consumption. While exportation can bring in foreign exchange, import-substitution aims to reduce the need for foreign exchange by producing goods locally. Overall, the import-substitution strategy of industrialization aims to promote domestic production, reduce reliance on imports, and create a self-sufficient economy that can meet the needs of its citizens.