Question

define export promotion and import substitution​

Answer 1

What do you mean by Export promotion?

Export promotion is used by many countries and regions to promote the goods and services from their companies abroad. This is good for the trade balance and for the overall economy. Export promotion can also have incentive programs designed to draw more companies into exporting.

what do you mean by import substitution?

Import substitution is a strategy under trade policy that abolishes the import of foreign products and encourages production in the domestic market. The purpose of this policy is to change the economic structure of the country by replacing foreign goods with domestic goods