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Q- Some developing countries invite large multinational companies to open offices and factories in order to help their economy. However, others feel that foreign companies should be shut out, and instead, the government should help the local companies to contribute to economic growth. To what extent do you agree or disagree?
A– The question of whether multinational corporations (MNCs) should be supported by Whether multinational corporations (MNCs) or local businesses should be supported by governments of developing nations is a fiercely disputed topic. MNCs, in my opinion, are beneficial for economic expansion. As a result, I disagree with the claim that MNCs should be excluded. There are some arguments against my viewpoint.
MNCs have a lot of benefits. To begin with, they offer employment, which typically pays higher than other options. Additionally, they educate local labourers in more advanced techniques, which in the long run helps the host nation. They also accelerate the rate of growth of the host country by bringing in fresh capital and cutting-edge technology. To add it, they also encourage efficient production and reach the broadest market possible with a wider variety of products.
The ability of MNCs to encourage their local competitors to innovate and compete is another significant benefit. For instance, it is common knowledge that the Indian business Reliance has raised the bar to compete with MNCs like Samsung and Sony. Finally, these businesses support ideals like gender equality and diversity. Additionally, they foster an atmosphere of peace and worldwide harmony.
In conclusion, MNCs may have some drawbacks, but overall, their benefits far outweigh those drawbacks. Therefore, developing country governments ought to support them.
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