Benefits of Globalization Essay - 1552 Words

INTRODUCTION Nowadays when people start their own businesses, the majority of them have a common vision which is to see their business’s products or services being purchased all over the world. Some people wear clothes just to look good but others would prefer owning clothes made from imported material, or rather imported clothing product. Most products that we use in South Africa are either written that they were manufactured in another country or made in South Africa from imported material. People are able to do all that because of the modern means that enable them to trade internationally. The collective term used to describe this process is globalization. Globalization is described as the process of interaction and†¦show more content†¦Rise in investment levels Foreign countries and business are able to invest in business in other countries. Foreign Direct Investment (FDI) helps industries and native cities grow at a rapid pace, and this is something that every nation should be open to since it is a highly beneficial venture for them. There is so much that they can gain in the process as well. Availability of foreign goods Due to globalisation, products that are produced in other country are not only limited to that particular country but can be distributed worldwide. By this a product and the organization gets a global exposure and more customers are able to purchase that particular product. When the product purchased in other country there is a great possibility of potential lucrative investors or partnership. Better communication Another benefit of economic globalization is that it increases communication flow all over the world. This ensures the sharing of valuable information between people as well as the organizations. The use of new technology for sharing information saves both time and money for the organizations. Actually, multinational firms can get lots of profits through using the new communication methods. Travel and tourism Nowadays people are able to travel from one country to another to look for better business opportunities. People travel to another country to open business,Show MoreRelatedGlobalization : The Benefits Of Globalization1522 Words   |  7 PagesThe Benefits of Globalization Globalization is the process of changing from an isolated world to an integrated one through international cooperation in economics, politics, ideas, cultural values and the exchange of knowledge. It is the collaborations of countries in an effort to create more efficient trade practices and reduce cultural differences. As it spreads across the globe, people from all over the world can feel its various advantages. 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