Nearshoring and expansion opportunity for companies
"Nearshoring" is a term that refers to the process by which businesses relocate their processes or activities to other nations in order to reduce costs and bring their productive activities closer to the market in these countries.
It is more advantageous for the corporation to outsource to surrounding countries. When dealing with distant countries, the schedule, language, cultures, and vastly different regulatory requirements can complicate communication and coordination and result in cost overruns.
Nearshoring benefits both countries. The countries that host the corporation have the opportunity to stimulate job development and economic revitalization. Additionally, foreign firms can conduct productive activities at a lesser cost.