In this contemporary times, developing countries built their own companies in our countries to help economic growth and provides jobs. It is widely acknowledged that the many developing countries invite foreign companies because help their economy, on the other hand, some people believe that do not depend on other countries, build own self-companies and help to the economic growth. However, I disagree with larger extend, as according to me, the built own companies in our countries instead to help to foreign companies.
The first and foremost reason is protection of local businesses. Government focuses on built local businesses and improve business infrastructure. To elaborate, local companies get a fair chance to grow without strong foreign competition. Government raises funds for local business to help grow their business. For instance, in India, government introduce “make In India” scheme to support local industries. Encouraging people to buy local products and giving financial support to small business, many companies able to grow without any help to foreign companies. Another striking reason is job security for citizens. People have no fear for unemployment. Local industries more likely to hire domestic people.
Furthermore, government help to development of domestic industry. Government support local companies as providing loan, training and local industries expand. This type of help leads long term self-reliance. For example, in South Korea, the government strongly supported local industry by providing subsidies, training and financial assistance. Companies like Samsung and Hyundai started as small domestic firms but grew into global leaders due to government support. Another striking reason, local industries help to economic growth. To me more precise, local companies provide employment and give high salaries to employ. Strong local companies create a strong and stable economy.
Alternatively, government invite foreign companies because they create a more job opportunities for people and provide high paying jobs as compared to local companies. Foreign companies built their own company through provide local people jobs. Foreign companies give more impact on economic growth.
To conclude, government provide help as investment and provide proper protection for local business. People secure their jobs because local companies provide job security. Local industries play precious role in economic growth.