Outward oriented development

Outward-oriented development, or export-led development, is an economic strategy whereby a country increases exports by focusing more on foreign markets rather than their own, domestic market. This strategy is based on the idea that a developing economy should increase exports in order to generate the foreign exchange needed to pay for critically-needed imports, to absorb new technologies, and to stimulate economic growth. To accompany outward-oriented development, many countries adopt a policy of export promotion, which focuses on encouraging and facilitating export production and increasing the efficiency of exporting activities.