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Infrastructure Is Critical to Sustained Economic Development in the Global South – Here’s Why

Infrastructure Is Critical to Sustained Economic Development in the Global South – Here’s Why. Infrastructure Is a Force Multiplier for Foreign Direct Investment.

Published

2 years ago

November 24, 2021

TwinzTech

It’s not overstating things to say that the world depends on infrastructure. Without ports, railways, roadways, airports, bridges, utilities, and the like, business doesn’t get done.

In much of the world, the infrastructure conversation revolves around maintaining or upgrading what’s already in place. The United States hasn’t built a major new commercial airport in nearly 30 years, and even ground-based transportation infrastructure is challenging to complete due to ballooning construction costs and onerous approval processes. (New York’s 1.8-mile Second Ave Subway is widely regarded as the most expensive rapid transit project ever constructed on a per-mile basis.)

Of course, high development costs and permitting issues aren’t unique to first-world countries like the United States. They affect infrastructure projects in the developing world as well. But, by definition, building new infrastructure is more critical in the underdeveloped economies that collectively make up the “Global South” than in Europe, the United States, and other high-income parts of the world.

Unfortunately, key stakeholders don’t always fund badly needed infrastructure in places like Africa, Latin America, and Central Asia. Here’s why they’d do well to remove barriers to innovative development.

Table of Contents

1. Infrastructure Is a Force Multiplier for Foreign Direct Investment

Modern physical infrastructure is a vital precursor to local economic development. It’s also a force multiplier for foreign direct investment. To many international businesses and high-net-worth individuals, infrastructure quality is a make-or-break factor in developing-economy investment decisions.

Recent infrastructure development in places like the Southern African Development Community (SADC) confirms this thesis. From 2016 on, foreign direct investment in the SADC’s logistics infrastructure increased sharply, spurring private investment in related projects as the decade drew to a close.

“From warehousing and last-mile fulfillment to the road, rail, and port infrastructure, these investments underpin an increasingly stable and prosperous regional economy,” writes Christopher Roy Garland, a business advisor and economic development expert based in Botswana.

2. Infrastructure Improvements Brighten Prospects for Local Entrepreneurs

Infrastructure improvements don’t only redound to the benefit of foreign governments, grantmaking organizations, and international conglomerates. The biggest beneficiaries are often local entrepreneurs who secure contracts with these organizations and develop businesses downstream of their activities.

Vibrant entrepreneurial communities take decades to build. Once they’re present, however, they’re vital assets for their host countries. Their market activities support growing middle classes, which in turn help consumer economies that spur further local investment. And by employing unskilled and semi-skilled workers in their home countries, they provide an under-discussed but crucial political function, boosting economic morale and dampening potential sources of social instability.

Zara-Print-Dress

2. Infrastructure Investment Provides Sponsor Nations With Political Leverage

Initial investments in large-scale infrastructure projects in the developing world very often do require active outside stakeholders. China’s Belt and Road initiative is merely the highest-profile example of concerted developing-world infrastructure investment as a more prosperous nation’s foreign policy project. The United States has USAID; other advanced economies make an intentional foreign direct investment for political purposes.

Like it or not, this is the global state of affairs in the early 21st century. It’s the sincere hope of most global development stakeholders that policy-driven FDI will one day cease to be a driving factor in developing-world infrastructure investment. Still, that day remains well over the horizon.

4. Stable, Prosperous Economies Enable Geographic Diversification for Risk-Averse International Investors

As the saying goes, a rising tide lifts all boats. When the groundwork laid by targeted infrastructure investments succeeds in stabilizing a country’s politics and raising its ceiling for economic growth, a broader class of risk-averse global investors takes notice.

These investors, both retail and institutional, vote with their dollars. They place bets on the economic future and create virtuous feedback loops for developing economies.

They also pave the way for other investors for whom geographic diversification is essential only when achievable without undue risk. And that’s the point at which a country or region can say, “Yes, we are open for business.”

5. Better Infrastructure Means Shared Prosperity

The history of the past 200 years would likely have been very different for European and North American nations without sustained public and private infrastructure investment in those parts of the world.

When some future generation looks back at our moment in time, let’s hope they’ll have something similar to say about the trajectory of infrastructure investment in the developing world. Let’s hope they’ll see a sustained and fruitful campaign to unlock the economic potential of dozens of nations and billions of individual humans.

Let’s hope. And let’s work together to make it happen. Because better roads, bridges, ports, broadband — these are the raw ingredients for a more prosperous and productive future. We owe it to generations to come to invest today.

AI Tools

Common NetSuite Support Questions: Answered!

NetSuite support is a dedicated service the platform provides to assist users with technical issues, queries, and challenges while using the software.

Published

1 month ago

August 18, 2023

TwinzTech

How Can NetSuite Support Improve User Experience

In today’s quickly changing business environment, organizations seek flexible and practical solutions to simplify their processes, improve customer experiences, and spur development. NetSuite, a comprehensive cloud-based business management software suite, has emerged as a frontrunner in meeting these demands.

As businesses harness the power of NetSuite to propel their success, questions, and challenges are inevitable. In this blog, we’ll address some of the most common NetSuite support questions, providing clarity and insights into how businesses can navigate the intricacies of this dynamic platform.

Table of Contents

1. How Does NetSuite Support Work?

NetSuite support is a dedicated service the platform provides to assist users with technical issues, queries, and challenges while using the software. Whether troubleshooting errors, clarifying functionalities, or guiding users through complex processes, NetSuite support aims to provide timely solutions. Users can access support through various channels such as phone, email, or an online portal.

2. What Types of Issues Does NetSuite Support Address?

NetSuite support caters to a wide range of issues. These can include system errors, configuration problems, data import/export concerns, customization inquiries, and general software usage queries. From resolving glitches to offering guidance on optimizing workflows, NetSuite support is a comprehensive resource for users facing challenges at any stage of their operations.

3. How Can NetSuite Support Improve User Experience?

NetSuite support enhances user experience by ensuring users can navigate and utilize the platform effectively. When users encounter obstacles, timely support assistance provides minimal disruption to their workflows. This assistance and guidance on best practices enable users to harness NetSuite’s full potential for their business needs.

4. Is NetSuite Support Only for Technical Issues?

There are various ways to expand your business and increase your revenue. One effective way is to explore new markets and target a wider audience. Another option is diversifying your product or service offerings to cater to customer needs. Consider investing in marketing and advertising to raise brand awareness and attract more customers.

Optimizing your business processes and utilizing software tools like NetSuite can help streamline operations and boost productivity. The NetSuite support team can assist you in these efforts by providing valuable insights and guidance.

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5. How Does NetSuite Support Collaborate with Consulting Services?

NetSuite consulting services are designed to provide businesses with more than just immediate issue resolution. Instead, consultants work closely with a company to understand the organization’s unique requirements and offer strategic guidance on optimizing NetSuite to meet those needs. By collaborating with support and consulting teams, businesses can address even the most complex challenges with a comprehensive approach that combines immediate solutions and long-term enhancements.

6. Can NetSuite Support Assist with Data Migration?

NetSuite support offers comprehensive assistance to businesses during data migration processes, ensuring a smooth and successful transition. Whether moving from legacy systems or importing data from spreadsheets, NetSuite support guides provide the necessary guidance to make the process seamless and accurate. With their expertise, you can trust that your data will be safely migrated to NetSuite without any issues.

7. Can NetSuite Support Help with User Training?

Absolutely. NetSuite support can guide users who require assistance while implementing what they’ve learned during NetSuite training. Whether clarifying concepts or troubleshooting issues encountered during the practical application, support helps bridge the gap between activity and real-world usage.

8. How Can Businesses Get the Most Out of NetSuite Support?

To maximize the benefits of NetSuite support, businesses should communicate their challenges clearly and provide relevant details. Specificness about the issue, its context, and error messages can expedite the support process. Additionally, businesses should leverage NetSuite’s knowledge base and community forums for quick answers to common questions.

9. What Role Does NetSuite Training Play Alongside Support?

NetSuite training is an essential part of maximizing the benefits of this platform. While support is crucial for resolving immediate issues, training is equally important as it enables users to operate NetSuite effectively. By providing users with the knowledge and skills to navigate the platform independently, training reduces the need for frequent support interactions. Ultimately, this empowers users to use NetSuite to its full potential confidently.

10. How Can Businesses Ensure a Seamless NetSuite Experience?

To achieve the best results with NetSuite, businesses should take a comprehensive approach that includes leveraging support services for immediate assistance, consulting for strategic customization, and training for skill development. By integrating these services into their operations, businesses can create a robust ecosystem that fosters NetSuite’s success.

In conclusion, businesses may encounter various questions and challenges as they continue to integrate NetSuite into their operations. To successfully navigate these hurdles, it’s essential to understand the role of NetSuite support and how it collaborates with consulting and training. By taking advantage of the comprehensive support offerings available through NetSuite, businesses can unlock the platform’s full potential, improve efficiency, and thrive in an increasingly competitive business landscape.