IMPORT SUBSTITUTION AS A TOOL OF STRENGTHEN ECONOMIC SECURITY

Abstract

In the context of globalization and economic instability, the issue of economic security becomes especially relevant. Import substitution is one of the key tools to minimize dependence on external supplies and develop domestic production. The purpose of this paper is to study the role of import substitution as the main tool to strengthen the economic security of the state. In the process of realization of import substitution there are some problems, namely lack of personnel, insufficient technology, limited access to foreign resources, etc., which in turn require prompt solutions. They can be both state support and development of innovative activities.  In the context of sanctions imposed on the Russian Federation by other countries, import substitution plays a key role in ensuring the sustainability and autonomy of the Russian economy. Import substitution reduces vulnerabilities associated with external risks, such as price changes or logistics disruption, which in turn contributes to technological development and diversification of the Russian economy. Despite the introduction of import substitution, it is also necessary to create a favorable investment environment, state support for innovation and increase the competitiveness of domestic producers. If import substitution is successful, the country's economy will become more sustainable, the share of domestic goods in the domestic market will grow, new jobs will be created, and innovation activity in various sectors of the economy will increase.