International business is important for several reasons:

1. Access to new markets: International business provides access to new markets, which can help companies expand their customer base and increase their revenue. By doing business internationally, companies can take advantage of opportunities in different countries and regions.
2. Diversification of risk: International business can help companies diversify their risk by operating in different countries and regions. This can help to reduce the impact of economic or political instability in any one market.
3. Increased competitiveness: International business can help companies become more competitive by allowing them to take advantage of economies of scale and access to new technologies, as well as helping them to develop new products and services.
4. Access to resources: International business can provide access to resources that may not be available domestically, such as raw materials, talent, and technology.
5. Cultural understanding: International business can help to develop cultural understanding and appreciation, which can be important in building relationships and trust with customers, suppliers, and other stakeholders from different parts of the world.

Overall, international business is important because it can help companies to grow and succeed in an increasingly globalized world, while also promoting economic development and cultural understanding across borders.