import substitution definition
Calvin Fok, INTJ ;Group's partners ï¼Chinese student. Views. Import substitution refers to the use of domestic products to replace imported goods, or, by limiting the import of industrial manufactured goods to promote domestic industrialization.
import substitution industrialization (ISI) A trade or economic policy theory that advocates replacing imports with domestic production, on the principle that countries should reduce their foreign dependency through local production of industrialized products to create self-sufficient economies.