At the Central Bank we understand that the UK’s departure will require increased engagement on our part in the relevant EU and international fora, to convey our viewpoint and add our own expertise to the mix.
It was argued that investment in heavy industries would bring in saving in foreign exchange, as output from such industries would replace their imports in the long-run. Import-substituting strategies were expected to  BIS central bankers’ speeches  1  gradually increase export competitiveness through efficiency-gains achieved in the domestic economy. But this did not happen. Hence, exports remained modest.