Economists are unanimous in their view that local and foreign direct investments are key to a nation's economic growth. Investment is particularly needed to complement economic growth and in the transfer of appropriate technology, the transfer of knowledge and access to foreign markets. Moreover, every level of investment is necessary for boosting employment, reducing inflation and in augmenting food production and in improving the living standards of the people.
For instance, Singapore, an inconsequential British colony with a population of 1.6 million in 1960, transformed itself to one of the richest nations in the world through attracting foreign investment to itself.
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