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As the world fights to recover from the economic impact of COVID-19, authorities across the globe are on the hunt for foreign investment. And they’re turning to subsidies, cash grants and tax deductions to entice it.
This is welcome news for international businesses, many of whom are seeking new avenues of recovery themselves, in a global operating environment that seems to be constantly shifting.
As to where a particular company may choose to locate, relocate or expand into, these days the world is their oyster. Their decision may have to accommodate certain factors, such as the need to remain close to critical markets, or to have confidence in the stability of the local economy. But being given extra support to pursue research and development (R&D), build that new facility or create new jobs can make a vital difference between shying away from a new venture or seizing the opportunity that comes from making a bold, long-term commitment.
For these adventurous multinational businesses, Europe, India and Africa offer the vast and diverse opportunities you’d expect of an area spanning three continents.
These regions include the European Union (EU), as well as 23 European states that aren’t members of that bloc. Then there’s the sprawling diversity and energy of Africa’s 54 countries; and India, which offers a tantalizing market of 1.39 billion people alone.
“What we've learned from recent crises, especially COVID-19, is there’s a need to reorganize the global economic landscape,” says Frank Burkert, EY EMEIA Global Incentives, Innovation and Location Co-Leader and EY EMEIA Sustainability Leader. “Whether it’s the EU’s heavy investment in clean technologies, a post-Brexit United Kingdom (UK) looking to decouple its supply chain from Asia, or India seeking to end its reliance on electronics imports, countries are keen to attract new business to their shores. And they’ve shown they’re prepared to offer compelling reasons to come.”