Import-substitution-oriented production

. . . It sounds interesting that the idea of import substitution for the improvement of trade deficit still survives in the country like Myanmar. It seems very old-fashioned thinking of political economy popular in the era of Burmese Way to Socialism. The C-in-C’s speech emphasized import-substitution as a mean of reducing foreign currency spending. In my understanding, trade deficit occurs when the import value is bigger than the export value, and just reducing the importing goods is not the solution (probably part of the solution) for the improvement of the trade-deficit especially in this trade war age. The example of Japan and Korea does not fit into the current status of Myanmar and any country else in the world today. Establishing factories for fine goods production is anyway good for either import-substitution or creating jobs for the citizens but why not for promoting exports, why not for earning more foreign currencies, why not for taking comparative advantages of the available domestic resources?
.
. . . More interesting question for me is what factors are constituting such idea of import-substitution behind the scene. I really don’t know. God might know it probably.
.
Ref:
http://cincds.gov.mm/node/1411?fbclid=IwAR3iZ2aOtsVUc-1rDYC8RFAIuP3ki-Pkhs7NskB3huZkBJZgNJwKrAHdtnk