Globalization challenges: Business leaders’ greater role in policy making process

Karachi, March 09, 2011 (PPI): Vice President Confederation of Asia Pacific Chamber of Commerce & Industry CACCI & former FPCCI President Tariq Sayeed urged greater role of business leaders in policy-making process at government level as a tool to address challenged posed by globalization in view of their contribution to keep economic wheel in perpetual motion irrespective of nature of domestic and international business environment.

He was addressing session on Role of Business Leaders in a Changing Global Market at 25th CACCI Conference in Istanbul also addressed by Dr. Sergio Arzeni, Director, OECD, Mohsen Noohi, General Manager, Sony Eurasia, Ramon S. Ang, President & COO, San Miguel Corporation, Robin Li, Chairman/CEO, Baidu. FPCCI delegation led by its President Senator Ghulam Ali explored business opportunities at conference, attended by 500 delegates from 27 member nations of CACCI.

Sayeed said globalization today, has both similarities to, and differences from 100 years ago. Important aspects of business like Free trade, - Free capital markets & Migration of labor also existed earlier. Labor was moving away from Europe today and migrating. “Due to multi-dimensional role of Business leaders on socio-economic fronts, their role in changing Global market is more crucial as compared with past. It is equally important for governments involved in policymaking process and intervenes in regulatory mechanism to keep businesses in balanced mode while living in constitutional frame."

He identified income inequality, environmental issues, inadequate governance, and lack of transparency as big threats to existing capital market economy. Market capitalism can actually help provide a sustainable, long-term solution to these problems. In order to sustain prevailing economic system, businesses must earn legitimacy in society. He called for building inclusive, competitive, profitable businesses that would benefit low-income people and suggested CEOs of enterprises to adopt approach for marginal profitability while ensuring committing to good corporate governance practices.