There is a claim that countries should not allow foreign businesses to open factories and offices to safeguard the prosperity of local companies. Even though economic protectionism can seem beneficial, I disagree with the idea above because economic integration offers more benefits, helping countries develop faster.
Protecting local businesses often means avoiding competition, and it is competition that normally guarantees growth in any area of business. This is why countries should be encouraged to allow foreign companies to establish offices and factories, automatically increasing competition within a particular industry. Such an approach can help both local and foreign companies be more creative and innovative, meaning customers can expect better offerings, especially in comparison to a market that is a monopoly.
Another reason for not imposing major restrictions on foreign businesses is their significant contribution to local economies. For example, in Uzbekistan, several fast food companies are registered among the largest employers in the country. Anyone who visits branches of KFC in various Uzbek cities can see Uzbek teenagers working there. In a sense, these foreign companies are creating jobs, helping thousands of young people be employed and enjoy a stable stream of income. This is one of many examples of how large foreign businesses can actually help a local economy develop faster.
In conclusion, economic protectionism based on the interests of local businesses often implies no competition and slower economic advancement. Thus, countries worldwide should be more open to accepting foreign companies that can make local industries more competitive and advanced.