breed; increase
繁殖（はんしょく）、植殖（しょくみん）
breeding, colonization
On-reading (ショク) is used in compounds; kun-reading (ふ(える)) is used standalone or with okurigana. This kanji forms verbs/adjectives with okurigana. Practice both the word form and compound forms.
From the JLP Quiz question bank — the word in the form it is actually tested in.
新政府は「富国強兵」「殖産興業」を国策の柱として、西洋の制度・技術・文化を積極的に取り入れた。
Answer: 富国強兵と殖産興業
