The process of involving local businessmen in the ownership and control of businesses that were formerly owned by foreigners is called

Answer Details

The process of involving local businessmen in the ownership and control of businesses that were formerly owned by foreigners is called "indigenization". Indigenization is a policy that promotes local ownership and control of businesses, industries, and resources, rather than having them owned and controlled by foreign entities. The aim is to empower local businesses and entrepreneurs, create employment opportunities, and boost economic growth by making sure that the country's resources and wealth are not exclusively controlled by foreigners. The policy of indigenization is usually promoted by governments through various laws, regulations, and incentives to encourage the participation of local investors in various sectors of the economy.