How do migrant entrepreneurs contribute to your local economy?

Immigrants play a vital role in the economy and culture of the countries they move to. They often start their own businesses, creating new jobs, and fill positions in sectors experiencing labor shortages. By bringing new ideas and innovations, immigrants contribute to the advancement of technology and science. The UK and France for example even have special visas for talented professionals: the Global Talent Visa and the Talent Passport. These visas attract scientists, entrepreneurs, artists, and other professionals, offering flexible conditions for work and residence. Recognizing and supporting the contributions of immigrants promotes economic growth, cultural diversity, and social cohesion, making countries more dynamic and competitive.

Migrant entrepreneurs always have a different perspective regarding opportunities in the local market. This often bring a different product or service that inherently benefits the Market. Often migrant entrepreneurs come with innovative and creative ways to serve the market. The infrastructure they build directly benefits the local market. There are instances however where immigrant entrepreneurs prefer to bring people from their home countries to work in their businesses and often bypassing locals. Also often these businesses remit the majority of their returns to their home countries, often investing minimally to the local market. Thus the benefits are not always prevalent as desired by local host communities.

Migrant entrepreneurs significantly contribute to the local economy by bringing diverse skills, innovative ideas, and unique perspectives. They create job opportunities, stimulate economic growth, and reduce unemployment rates. Additionally, their businesses often tap into niche markets, enhance competitiveness, and foster cultural exchange, attracting investment and tourism. Overall, migrant entrepreneurs inject vitality and dynamism into the local economy, driving innovation and prosperity.

Having a migrant entrepreneur in 2 different countries in Africa, i hold to the experience that our presence fosters a transformation in how locals do business, often we understand different cultures and tend to build a conclusive market. This creates cultural diversity especially in the food industry where different meals are introduced to the local market often to the joy of locals. I have also noted diversity in the adoption of immigrant fashion by the local market further enhancing cultural diversity and inclusion as people begin to understand why certain cultures act and behave in a particular manner

Amazingly immigrant entrepreneurs often develop new industries within the local economy and definitely contribute to different kinds of taxes both directly and indirectly. This outweighs cases of tax evasion by the same businesses. Every economy needs a healthy function small business industry as this fosters growth in the long term.

It is crucial for states to attract tax residents who create jobs because they boost economic growth and generate significant tax revenue. Job-creating entrepreneurs stimulate local economies, reduce unemployment, and enhance the overall standard of living. Active entrepreneurs often seek optimal business conditions, such as favorable tax rates, robust infrastructure, and supportive regulatory environments, to maximize their success and growth. By providing these conditions, countries can draw in and retain entrepreneurial talent, ensuring a thriving, competitive economy that benefits all citizens.

Innovation and creativity are often prevalent when one's has an outsider's perspective to the environment as they are not stuck in the loop of ''we have always done things this way. An outsider's perspective often revolutionizes how things are done in local industries often bringing alternative resources, cutting costs of operating or making specific services. This act then benefits the local market greatly as they learn and adapt to how immigrant entrepreneurs do things.

Migrant entrepreneurs have direct connections to their home countries and this makes it easier for them to do business as they seldom run the risk of doing businesses with strangers. This helps provides resources from their home countries to the local market as they often know how to negotiate and identify the right quality resources and thus provide to the local market at a competitive price.

If you are born in one place, grow up there, go to school, attend university, start a job, and create a family, you have roots, relatives, and friends there. You know the culture and customs, and you are part of the cultural fabric. However, if you move to a new country, it's crucial to feel like part of that society. This is challenging and requires finding places to meet and connect with people. It's essential both for understanding everyday life and for finding friends and kindred spirits. Emigration demands a lot of effort, motivation, and energy.

Look around your room and consider how many items were created by immigrant entrepreneurs. From furniture and decor to household appliances and tech devices, immigrants have had a significant impact on our daily lives. For instance, IKEA, founded by Ingvar Kamprad with immigrant roots, and Nest thermostats, co-founded by Tony Fadell of Lebanese heritage, enhance our homes. Google, co-founded by Russian immigrant Sergey Brin, powers many devices. Modern startups like Duolingo, co-founded by Guatemalan Luis von Ahn, Lime scooters by Chinese immigrant Toby Sun, and Zoom by Chinese immigrant Eric Yuan, also demonstrate the innovation driven by immigrant entrepreneurs.

Migrant entrepreneurs boost the local economy by creating jobs, stimulating innovation, and fostering diversity. They often start new businesses, filling market gaps and revitalizing neighborhoods. Their ventures can attract investment and enhance the local economic base. Additionally, they introduce unique skills, perspectives, and cultural richness, which can lead to new products and services. By integrating into the local supply chain, they also strengthen connections between different economic sectors, promoting overall economic growth and resilience.