Get your personalised IELTS Essay Feedback from a former examiner
Download IELTS eBooks, get everything you need to achieve a high band score
Model Essay 1
While many nations promote the establishment of branch offices by foreign companies, there is a growing belief that governments should rather incentivize local businesses to flourish. I strongly concur with this perspective and will discuss the benefits of supporting local enterprises in terms of economic stability and community development, alongside the drawbacks of excessive reliance on foreign investments.
Encouraging local businesses provides a more sustainable economic model than depending on foreign entities. When local companies thrive, they reinvest profits back into the local economy, creating a multiplier effect that enhances economic growth. For instance, a successful local enterprise not only hires locally but also sources from local suppliers, thereby creating a robust economic ecosystem. Moreover, local businesses are inherently aligned with local needs and culture, offering products and services that resonate more deeply with residents. This alignment fosters a sense of community and loyalty that foreign companies, with their external priorities and detachment, often struggle to achieve. Such integration enhances local economies' capacity for innovation and adaptation in ways that foreign entities cannot match.
On the contrary, heavy reliance on foreign investments poses risks of economic instability and can lead to a form of economic colonialism. Foreign companies often repatriate their profits, draining the host country of potential economic gains. Furthermore, these entities might prioritize their interests over local welfare, leading to decisions that can adversely affect the local economy. For example, during economic downturns, foreign companies are more likely to withdraw, leaving behind unemployment and reduced economic activity. Such scenarios underscore the vulnerability of economies overly dependent on external businesses, contrasting sharply with the resilience that locally anchored companies can provide. Additionally, local control of businesses prevents foreign agendas from dictating the economic priorities and cultural landscape of a community.
In conclusion, while foreign companies contribute to economic diversity, prioritizing local business expansion offers more substantial and sustainable benefits. Strengthening local enterprises ensures economic resilience and aligns closely with national interests, ultimately fostering a stable and prosperous economic environment.
Download IELTS eBooks, get everything you need to achieve a high band score
Model Essay 2
Many countries advocate for the establishment of foreign corporate branches to boost their economies, yet a significant viewpoint suggests that supporting domestic enterprises should be prioritized. I firmly believe that while foreign investments have their merits, promoting local businesses is crucial for long-term economic sustainability and community well-being. This essay will examine the advantages of enhancing local businesses and evaluate the risks associated with excessive dependence on foreign investments.
Prioritizing local businesses leverages inherent cultural and economic understanding, fostering an environment where companies can operate with greater efficacy and societal integration. Local firms are more likely to employ a workforce familiar with the regional nuances, which enhances service and product relevance, leading to increased customer satisfaction and retention. An example of this is seen in community-based enterprises that adapt quickly to changing local demands, unlike their foreign counterparts. Furthermore, these companies typically plow their earnings back into the local community, thereby reinforcing the economic infrastructure—from education to healthcare—strengthening the socio-economic fabric that foreign companies often fail to integrate with as deeply.
Reliance on foreign corporations, although beneficial for immediate economic infusion, often results in long-term vulnerabilities. These entities may prioritize short-term gains over the host country's long-term economic health, occasionally withdrawing suddenly due to global strategy shifts or economic downturns. This withdrawal can leave significant voids in employment and economic stability, as seen in cases where multinational companies downsize or exit markets with little notice. The lack of sustained commitment to the local economy can inhibit the development of local industries and lead to dependency, which is less likely with homegrown businesses that inherently possess a vested interest in the prosperity and resilience of their local markets.
In conclusion, the fostering of local enterprises not only ensures economic resilience but also aligns with cultural and societal needs, offering a more stable and integrated approach to development. While foreign entities provide valuable economic contributions, their impact and commitment can be transient, emphasizing the importance of investing in and empowering local business sectors for enduring economic health and community well-being.
Get your personalised IELTS Essay Feedback from a former examiner
Download IELTS eBooks, get everything you need to achieve a high band score
Comments