Stabilization of the Russian market and reduction of dependence on imports in the conditions of shock impact of external restrictive factors in the form of sanctions and disruptions of export logistics processes due to geopolitical transformation are challenges for the existing economic system in our country. The sustainability of the domestic market and national sovereignty of the Russian economy are currently being tested for strength in search of development vectors and issues of acquiring autonomy, independence from imported products. A competent import substitution policy in various sectors of the economy in recent years has helped to stabilize the market. However, in the industrial sphere, there are still differences in the synergy of import substitution processes and possibilities of realizing the export potential. The purpose of this study is to analyze and assess the current state of import substitution and export potential in various regions of the country, identify problems and development prospects, as well as develop recommendations for the formation of balanced industrial development strategies that take into account the interests of the regions and the country as a whole. The authors consider key concepts, the essence of import substitution processes and the export potential of regions, highlight effective types of strategic planning of industrial development taking into account the import-export balance of territorially isolated economic systems. The role of small and medium entrepreneurship on the way to a balance between import substitution in industry and its export capabilities is identified and proven.