Import substitution in modern conditions: priority directions and implementation problems

Samara State Economic University, st. Soviet Army, 141, 443090, Samara, Russia

^* Corresponding author: nikitina_nv@mail.ru

Abstract

This article focuses on the concept of import substitution, which involves the replacement of imported goods and services with domestic alternatives. In the context of economic trends such as increasing prices for imported goods, difficulties with their supply, and the need to strengthen national economies, import substitution has become a relevant topic in many countries, including Russia. The article presents an author's definition of import substitution, as well as key directions, problems, and prospects of import substitution in modern conditions. Additionally, the article provides an algorithm for effective import substitution in Russian companies. The key concepts discussed in the article include the importance of domestic production and the development of domestic industries, as well as the challenges associated with implementing import substitution policies. Overall, this article offers valuable insights into the concept of import substitution and its potential role in strengthening national economies. The information presented in this article may be particularly useful for policymakers, economists, and business leaders who are interested in developing effective strategies for import substitution in their respective countries or industries.