IMPORT SUBSTITUTION UNDER SANCTIONS OF UNFRIENDLY COUNTRIES AS A FACTOR OF INCREASING ECONOMIC SECURITY OF THE STATE

Abstract

In modern conditions of growing globalization, the interdependence of the national economies of different countries of the world is deepening, simultaneously with the specialization of each country in certain industries and products. However, the global interdependence of economies leads to a situation where changes in operating conditions in the foreign market of one country lead to significant economic problems in other partner countries. We can talk about the policy of protectionism and international sanctions. Analyzing the dynamics of imports in the context of the main importing countries, it was found that in 2021 there was a significant decrease in imports of goods from “unfriendly” countries, while imports from China increased by 47% and currently account for almost one-quarter of all imports. At the same time, it was noted that there is import dependence on imported machinery, equipment and vehicles; this group accounts for more than 48% of imports. The same can be said about the products of the chemical industry (rubber for the most part) and food products. Although in the last group a slight decrease in dependence can be noted. There is a decrease in dependence on imports for the group of consumer goods, while at the same time there is a high dependence for the group of intermediate goods, such as semi-finished products, components for production, etc. In recent years, there has been a steady increase in the production and substitution of imported goods in agriculture, in particular in livestock farming. The main directions for developing an export-oriented import substitution policy include: implementing an effective trade policy, investing in research and development, infrastructure development, developing a qualified workforce, market diversification, export lending, and introducing environmentally sustainable practices.