(a) Globalisation is a multi-dimensional concept and the following points support it:
(i) Globalisation brings countries together in term of their political relationships. When countries are trade dependent on each other, it helps to bring better political harmony among them.
(ii) Economically, globalisation hasresulted in the flow of commodities, people and capital. Through it, the economies of countries grew to manifolds, also resulted in curbing the economic disparities.
(iii) Another dimension of globalisation is the exchange of ideas and technology.
(iv) Globalisation along with trade of ideas, capital, commodity and people also leads to homogenisation of communities. In this way, it supports the cultural acceptance among heterogeneous communities.
(v) The opening up of new sectors, change in global lifestyle, dominance of mass and social media and mass tourism are also the dimensions of globalisation.
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(b) The below mentioned are the steps taken by the developing countries to attract foreign investment:
(i) Industrial zones, called Special Economic Zones (SEZs), are being set up. SEZs are to have world class facilities like electricity, water, roads, transport, storage, recreational and educational.
(ii) Developing countries attract MNCs by giving them tax relaxations. Companies who set up production units in the SEZs do not have to pay taxes for an initial period of five years.
(iii) These countries have also allowed flexibility in the labour laws to attract foreign investment.
(iv) Instead of hiring workers on a regular basis, companies hire workers 'flexibly' for short periods when there is intense pressure of work. This is done to reduce the cost of labour for the company.
(v) Since better transport network reduces the operational cost and reduces wear and tear; investing in their transport network, is another target of developing nations to lure MNC's for the foreign investments.