Yes

Companies can and should seek ways to increase profits, if it's cheeper to employ foreign labour than citizens, those companies are incentivised to do so.
Even if, with the addition of tax incentives it's still cheeper to employ foreign labor than that's what they'll do.

Cheeper labor can also benefits consumers. when the product is in a competitive market lower costs means companies are able to compete within a larger margin, allowing prices to fall.
Lower prices mean each dollar you work hard for can be spent on more things, which technically speaking make everyone more…  Read more wealthy