The process of developing local industries to manufacture goods to replace imports is known as

A) export promotion.
B) import substitution.
C) export favoritism.
D) import promotion.

Import Substitution

An economic strategy aimed at reducing foreign dependency by local production of industrialized products.

Local Industries

Economic activities or sectors focused on producing goods or services predominantly catered to the domestic or regional market.

Export Promotion

A strategy or policy aimed at encouraging the sale of goods and services to foreign countries to boost the exporting country's economic base.