Complex sentence: Under this program, which began in 1948, the island became increasingly industrialized by providing labor locally, inviting investment of external capital, importing the raw materials, and exporting the finished products to the U.S. market.
Split into simpler sentences: Under this program, which began in 1948, the island became increasingly industrialized. Fomento invited investment of external capital, importing the raw materials, and exporting the finished products to the U.S. market.