HE GLOBALIZATION AND IT’S IMPACT ON THE LOCAL BUSINESSES: A LOOK AT CHALLENGES AND OPPORTUNITIES

DOI: https://doi.org/10.56815/IRJAHS/2025.n2.1-7

Abstract

The world is quite globalized. It is causing shifts in economy functionality, business operations and markets. This study examines the impact of globalization on the business located in the local community in terms of its opportunities and issues. The limiting of trade and technology has facilitated the bonding of local companies with those all over the world and the movement of foreign investment in the country and the spread of information which can aid local companies to grow and advance. Yet, this has its disadvantages which include increased competition due to large-size firms, global market fluctuations, cultural mixtures followed by the addition of anti-global rules in global trade. Through the simple research methodology this article looks at the impact globalisation has had to the local industries through the trade agreements, the legal frameworks, fiscal policies and the examples of a few countries that are on the path of development. It highlights sectors that have prospered in the face of international integration and those, which have strained. It is also investigated how governments can facilitate the local companies by improved regulations, infrastructure, and skills development programs. Ultimately, globalization is here to stay and may be beneficial to local businesses; however, it all depends on the capability of local businesses to adapt to the situation and the proper support they receive by the government. Intelligent planning, innovation and inclusive policy making are the main necessities to achieving the globalization as a means through which the local industries prosper rather than being sidelined.