Countries may seek benefits from industrialization through?

Countries may seek benefits from industrialization through import substitution and export-led growth as this approach allows for the development of domestic industries and enhances international competitiveness.

Import substitution involves a country fostering local production of goods that it would otherwise import. This strategy can strengthen the economy by reducing dependency on foreign products, conserving foreign exchange, and creating jobs in local industries.

On the other hand, export-led growth focuses on producing goods for international markets, which can stimulate economic growth, increase foreign exchange income, and improve the balance of trade. Countries that pursue this strategy often invest in their industries to enhance quality and production capacity, making their exports more competitive globally.

By balancing both strategies—import substitution to develop strong local industries and export-led growth to boost international trade—countries can achieve sustainable economic growth and enhance their industrial bases effectively.