Import substitution: Import substitution is an economic policy that encourages domestic production instead of relying on imports. It aims to protect domestic producers by reducing dependence on foreign goods.
Export-oriented industries: Export-oriented industries focus on producing goods and services primarily for markets outside their own country. These industries rely heavily on international trade for revenue generation.
Globalization: Globalization refers to the increasing interconnectedness and integration of economies, cultures, and societies worldwide. It affects domestic producers by exposing them to global competition but also offering opportunities for growth in international markets.