Innovative import substitution in the system of industrial policy strategies

the purpose of this study is to substantiate the importance of innovative import substitution in the framework of industrial policy strategies. Methods. the study is based on the application of methods of logical analysis and synthesis of various economic theories. This approach allowed us to conduct a comprehensive analysis of key areas of industrial development, including export-oriented models, technological innovations and import substitution. Particular attention is paid to the role of innovative import substitution in the system of strategic economic planning. Findings: the study allowed us to identify three main interpretations of the concept of import substitution: it can be considered as an economic concept, an instrument of public policy and a factor in the development of industrial production. The study showed that the strategy in question has a dual nature. On the one hand, it promotes integration into global economic processes and stimulates production growth. On the other hand, it performs a protective function, limiting the influence of external factors and strengthening the domestic market. The concept of innovative import substitution, which involves combining modernization with an increase in competitive advantages, was also considered in detail. Conclusions: the need to strengthen the import substitution policy is becoming increasingly obvious. The main goal is to create favorable conditions for increasing demand for domestically produced goods by reducing dependence on external supplies. Such an approach opens up opportunities for the development of promising industries and strengthening the positions of manufacturers at the international level. A key role is played by the introduction of innovative import substitution based on technological progress and increased efficiency of the industrial sector.

innovative import substitution, industrial policy, competitiveness, strategy, process, criterion of sustainable development, balance, economic efficiency