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This is designed to improve the balance of payments and promote an indigenous industry.
"You have to provide the Smithstown, you have to provide that indigenous industry starting point," he said.
Twenty-first century Nauru, with scarce indigenous industry, is now overwhelmingly reliant on foreign aid for its economic survival.
The market is still dominated by joint ventures with foreign firms, but the strongest local manufacturers are rapidly expanding production.Russia still has a sizeable indigenous industry, but many of its products hark back to the old Soviet Union.
The results coincided with a warning from a Harvard economics professor Michael Porter, who was speaking in Cork, that the Irish economy faced stagnation because of a lack of innovation in indigenous industry.
These leaders' attitudes recall the worst behaviour of their predecessors, many of whom engaged centuries ago with the west's rising imperial powers to halt the growth of indigenous industry.
Similar(49)
Resulting increased assistance could be used to strengthen developing economies and safeguard key indigenous industries.
To do that, they had to destroy India's impressive indigenous industries.
But used cars imported by poor countries from rich ones become expensive when weighed down with high duties and taxes to protect indigenous industries.
Regulated by US-dominated, western financial institutions, over two decades of privatisation of the basic utilities has drastically deepened world inequality and destroyed indigenous industries.
The immediate impact of British imperial free-trading was often the collapse of local indigenous industries which were in no position to compete, and a consequent destruction of livelihoods and communities.
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CEO of Professional Science Editing for Scientists @ prosciediting.com