Key aspects of the implementation of the import substitution policy in the modern economic space

• Main Authors: Ekaterina Maslyukova, Olga Yutkina
• Format: Article
• Language: English
• Published: Ukrainian Center for Cultural Studies 2016-03-01
• Series: Cхід
• Subjects: iмпортозаміщення; національна економіка; економічна і продовольча безпека; якість; конкурентоспроможність; стратегія; національне виробництво
• Online Access: http://skhid.kubg.edu.ua/article/view/64741

The essence of the process of import substitution products of its own industrial production, which refers to economic policies aimed at meeting the needs of government entities by replacing the domestic market of products manufactured outside the borders of Russia, competitive and quality is not inferior to the world analogues produced within the borders of the Russian Federation. The importance of import growth in the domestic production of competitive products. Set out the positive aspects of import, such as the modernization of technological production, increase its efficiency, as well as development of new products, increased levels of industrial self-sufficiency and increased volume of own production, the restructuring of enterprises, venture capital financing, the participation of domestic companies in the chains of transnational corporations, etc. The main drawback of the import substitution strategy can be called intensification of protectionist policies, limiting the choice of the solvent population. Import substitution is represented by the authors as an effective tool to increase the economic security of the state. The causes of low competitiveness of a large part of the domestic products in the world market. And, accordingly, the need to select the priority sectors for development, based on import substitution and the development of new types of production in order to increase the efficiency of, and participation in the system of division of labor, which involves the work of the general population. It is concluded that the developing manufacturing industry should be oriented to the domestic market as well as the external, because only in this case they will be able to easily win the loyalty of domestic consumers and to compete with foreign producers on foreign markets. The ways of realization of the program of action, which allows for a short period of time to get maximum results through the development of the internal market and displace imports.