A recent BBC article discussed the global trend in attracting and supporting foreign entrepreneurship. Many economies are now designing platforms and programs that invite foreign business people to develop their enterprises within their locales. This is the offshoot of an increasingly competitive global environment where each country is determined to host the latest and most innovative businesses with the goal of spurring the local economy.
By inviting foreign business people to invest in a local economy, more jobs are created, and taxes and revenues increase the cash flow of the state. This type of “focused immigration” not only affects the financial industry but the political arena as well. With the rise of technological advances, geographical boundaries are no longer a factor in determining a nation’s wealth or global competitiveness. Financial experts agree that competitiveness and growth are no longer dependent on who creates the trend, but what is effective.
There are, of course, detractors to this school of thought. Anti arguments worry that foreign businesses will undermine local businesses. National talent might be overshadowed, which can lead to a significant loss of good entrepreneurs in a country. Moreover, local workers could migrate to higher-paying foreign outfits. Analysts reveal that workers in developing countries are more inclined to share their skill sets in jobs with higher pay. And in this latter regard, foreign businesses have the competitive edge.
Financial experts generally have a positive outlook on this global trend and bewail the “myopic” nature of the “nay” arguments. The emphasis on a more economically integrated world involves surpassing geographical or cultural limitations. According to predictions, the next few years will see expatriate businesses on the rise in most competitive local economies.