Local business vs. international business.Discuss both these views and give your own opinion.

Trade is one of the important aspects of the economical structure of the world. Countries tend to meet their domestic demands by promoting industrial development in the country and for shortfalls they resort to importing from international suppliers. This balance of demand is met through this import export trade. However, governments tend to promote trade with local businesses over international business for multiple reasons like loss of foreign reserves, transfer of profits and weakened self sufficiency. In my opinion, I appreciate the promotion of local businesses as they have multiple benefits for the economy at large. Self sufficiency is one desirable goal that any country would like to achieve because imports are usually expensive than local manufacturing, if possible. Imports also lead to a loss of foreign exchanges thus weakening the foreign reserves and thus contributing to issues like inflation and short supply and ultimately leading to a lower GDP. For an instance, poor economies like Zimbabwe are highly dependent on imports. In fact the country imports some goods of necessity as well. This high import has led to a high rate of inflation due to which goods of necessities are also steeply priced, hence making the people poorer and ultimately the country becoming the same. Several critics raise the point that developing local business in avenues unexplored before may prove to be risky and an expensive proposition. This may be correct in some perspectives, but it is to be further noted that if local businesses are promoted they will serve the goal of employment for the locals and hence benefitting the ecosystem at large. For an example, in the current pandemic phase when the entire world’s operation went into a pause for sometime. Many countries faced issues with non availability of few medicines which they used to import earlier. The lack of domestic or alternative supply in the country ended up costing them an experience that, how important it is to be independent? This is the reason all the nations currently are focussing on promoting local businesses so as to avoid such unforeseen circumstances in future. In conclusion, it needs to be mentioned that it is too unreasonable to expect that local business will be able to fulfill all the local demand and economy shall be able to achieve a zero import target because there are several goods like agricultural or livestock which cannot be produced in a demography however, apart from it, it is never a bad plan to achieve higher domestic produce by promoting local businesses and thus reducing international trade.