[Pak-Media] FPCCI PR- English+Pic and Caption

 

The Federation of Pakistan Chambers of Commerce & Industry Federation House, Main Clifton, Karachi, Pakistan Tel: 021-35873691, 93-94 Fax: 021-35874332 Email: info@fpcci.com.pk URL: www.fpcci.com.pk

 

PRESS RELEASE - FPCCI

THROUGH FAX, E-MAIL

March 11^th, 2011

 

Addressing challenges of Globalization:

Tariq suggests Business leaders' greater role in Policy making process

 

 

 

Tariq Sayeed, Vice President of Confederation of Asia Pacific Chamber of Commerce & Industry (CACCI) and former President of FPCCI has 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 to the session on the Role of Business Leaders in a Changing Global Market at 25^th CACCI Conference held in Istanbul, Turkey on 8^th March 2011. The session was also addressed by Dr. Sergio Arzeni, Director, OECD, Mr. Mohsen Noohi, General Manager, Sony Eurasia, Mr. Ramon S. Ang, President and Chief Operating Officer, San Miguel Corporation and Mr. Robin Li, Chairman/CEO, Baidu. Mr. Omer Cihad Vardan, President, Independent Industrialists and Businessmen's Association in Turkish (MÜSİAD) chaired the session.

 

FPCCI under the leadership of Senator Ghulam Ali, President mounted a strong delegation to Turkey who affectively contributed at various session and explored business opportunities during CACCI conference, which was attended by more than 500 delegates from 27 member nations of CACCI.  The 25^th CACCI Conference provided Pakistan an ample opportunity for image-building of the country as three speakers Mr. Rehmatullah Javed, Chairman SMEs Committee FPCCI Mr.  Salman Javed, Chairman Tourism Council of FPCCI and Mr. Sharukh Malik, Chairman, Young entrepreneurs Council of SAARC CCI made presentations on sessions of SMEs, Tourism and Young entrepreneurs Forum.

 

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Mr. Tariq Sayeed, Vice President of CACCI said that Globalization was not new, but globalization today, has both similarities to, and differences from 100 years ago and added that  important aspects of  business like Free trade,– Free capital markets and Migration of labor also existed 100 years ago, however, labor was moving away from Europe; today labor is migrating to Europe. "Due to multi-dimensional role of Business leaders on socio-economic fronts, their role in the changing Global market was more crucial as compared with past" said Tariq Sayeed and added that the role of business leaders was equally important for the Governments as the governments have been involved in policymaking process and intervene in regulatory mechanism to keep businesses in a balanced mode while living in constitutional frame of their respective countries.

 

While referring to a study done by Harvard Business School, he has identified income inequality, environmental issues, inadequate governance, and lack of transparency as big threats to existing Capital market economy. He said that market capitalism can actually help provide a sustainable, long-term solution to these problems. However he was of the opinion that in order to sustain prevailing economic system, businesses must earn legitimacy in the eyes of society.

 

He urged upon the need for building inclusive, competitive, and profitable businesses that would benefit low-income people and suggested to the CEOs of the enterprises to adopt the approach for marginal profitability while ensuring committing to good corporate governance practices. He further added that enterprises need to be engaged in corporate social responsibility activities, encourage and promote philanthropy and communicate with the Government to try to influence public policy, but not in a self-serving way.

 

 

 

(SYED MASOOD ALAM RIZVI)

Secretary General

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