It is argued that the proliferation of global corporations and internationalization offers benefits to all people. I agree with the aforementioned statement because of reasons relating to a higher
level
of employment and enhanced cross-cultural communication skills.
Firstly
,
this
trend brings more job opportunities for local residents. Since international firms, which open their branches in different countries, require a high
level
of workforce, they will need to recruit more local employees to operate the business.
As a result
, the natives are offered a decent occupation with lucrative incomes to cover their living expenses and in some cases, spend more generously on their shopping.
For example
, Samsung, a renowned Korean technology corporation, has created a large number of jobs for Vietnamese since 2018, through cooperating with the local government to successfully tackle the high unemployment rate in Vietnam.
Secondly
, people have a chance to develop multicultural communication skills as
globalization
is promoted. On a personal
level
, it is now easy for workers to learn about foreign cultures and customs, enabling them to acquire more knowledge and insight into varying international practices. As they are exposed to cross-cultural diversity in their working environment and society, they become more able to show empathy and tolerate cultural differences. At the company
level
,
globalization
leads to a more diverse range of potential business partners and diversifies their investment portfolios, which contributes to their profit generation.
Consequently
, having global partnerships is essential for businesses to compete in the growing international market.
However
, it is important to acknowledge that
globalization
itself is a threat to local businesses. With the impact of
globalization
, more and more new products are becoming available in the market and people have choices.
In other words
, there is greater competition in the market.
Thus
, local trades, particularly small and medium businesses might not survive in the long run and
this
has negative consequences on the local economy.
In conclusion,
although
I acknowledge the positive impacts of multinational companies and
globalization
,
such
as more jobs in local areas and better cross-cultural communication, the negative consequences on local business cannot be ignored.
This
requires implementing policies and regulations that promote sustainable development and support domestic enterprises
while
harnessing the opportunities presented by
globalization
.