Export promotion has been more successful than import substitution.

Question

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Export promotion has been more successful than import substitution in most developing countries. Export promotion policies encourage and support the production and export of goods and services, rather than relying on imports as a means of economic development. This approach has been successful in increasing exports and generating foreign exchange earnings, creating job opportunities and boosting economic growth. On the other hand, import substitution policies aim to reduce dependency on imports by developing local industries to meet domestic demand, but it often leads to inefficiencies and high costs of production. Therefore, export promotion has proven to be a more effective strategy for developing countries to achieve sustainable economic growth.

Export Promotion Has Been More Successful Than Import Substitution