Complex sentence: Import substitution industrialization or "Import-substituting Industrialization" (called ISI) is a trade and economic policy based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.
Split into simpler sentences: Import substitution industrialization or "Import-substituting Industrialization" (called ISI) is a trade and economic policy that advocates replacing imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.