The most common route for investments by MNCs in countries around the world is to buy existing local companies.

Explanation:
There are several reasons why MNCs prefer to buy existing local companies as a route for investments in countries around the world.

Market Presence:
- Buying existing local companies gives MNCs an instant market presence in the target country.
- It allows them to tap into an established customer base, distribution channels, and brand reputation of the local company.
- This saves time and resources that would otherwise be required to build a new market presence from scratch.

Reduced Risk:
- Acquiring an existing local company reduces the risk associated with entering a new market.
- The local company would already have an understanding of the market dynamics, customer preferences, and regulatory environment.
- MNCs can leverage this knowledge and experience to make informed decisions and minimize potential risks.

Economies of Scale:
- By acquiring an existing local company, MNCs can benefit from economies of scale.
- They can leverage the local company's existing infrastructure, production facilities, and supply chains.
- This allows for cost savings and operational efficiencies, as they do not have to invest heavily in setting up new factories or distribution networks.

Access to Resources and Expertise:
- Acquiring a local company provides MNCs with access to valuable resources and expertise.
- They can gain access to the local company's skilled workforce, supplier networks, and technological know-how.
- This can be particularly beneficial in industries where local knowledge and expertise are crucial for success.

Competitive Advantage:
- Buying existing local companies can also help MNCs gain a competitive advantage in the target market.
- They can acquire competitors or complementary businesses to strengthen their market position and expand their product offerings.
- This allows them to better compete with other local and international players in the market.

Overall, buying existing local companies offers MNCs a quicker and less risky way to enter and establish a market presence in countries around the world. It provides them with immediate access to resources, expertise, and existing customer bases, allowing for faster growth and market penetration.