Challenges of globalisation: Tariq for business leaders' 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 for greater role of business leaders in government policy-making process to effectively address the challenges posed by Globalisation, says a press release issued here on Wednesday.
He was addressing the session on the 'Role of business leaders in a changing global market' at 25th CACCI conference in Istanbul, Turkey on March 8. The session was also addressed by Dr Sergio Arzeni, Director, OECD, Mohsen Noohi, General Manager, Sony Eurasia, Ramon S Ang, President and Chief Operating Officer, San Miguel Corporation and Robin Li, Chairman/CEO, Baidu. Omer Cihad Vardan, President, Independent Industrialists and Businessmen's Association in Turkish (MÜSIAD) chaired the session.
The delegation led by Senator Ghulam Ali President FPCCI participated in various sessions and explored business opportunities during the conference, which was attended by more than 500 delegates from 27 member nations of CACCI. The 25th CACCI Conference provided Pakistan an ample opportunity for image-building as three speakers Rehmatullah Javed, Chairman SMEs Committee FPCCI; Salman Javed, Chairman Tourism Council of FPCCI and Sharukh Malik, Chairman, Young Entrepreneurs Council of Saarc CCI made presentations on sessions of SMEs, tourism and Young Entrepreneurs Forum.
Vice President of CACCI said that globalisation was not new, but today has both similarities to and differences from 100 years ago adding that important aspects of business like Free trade,- Free capital markets and migration of labour also existed 100 years ago, however, labour was moving away from Europe; today labour 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. He further said that the role of business leaders was equally important for the governments as they 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.-PR