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Tuesday, February 21, 2006

Surging Confidence In Going Global & The BRIC Perspective Revisited

PWC Global’s ninth annual global CEO survey focuses on CEOs’ attitudes about the so-called BRICs economies: Brazil, Russia, India and China. These economies are poised to experience explosive growth over the next several decades, and the survey finds that they are increasingly the focus of CEOs’ globalisation efforts as well. The thing to note is that in addition, companies based in these economies are not just globalisation targets of richer companies; they are full participants in the globalisation boom and share in the positive attitude about globalisation. Overwhelmingly, the CEOs we surveyed reject the notion that they are globalising primarily to cut costs. The CEO’s are pursuing globalisation to access new customers and markets.This has positive implications for all companies regardless of industry, geography or income.It also has positive implications for consumers all over the world; they will be able to choose the best products and services at the best price regardless of the origin of the product/service. In the report you can see how Dr. Li Lihui CEO, Bank of China sees the economic maturity levels of china wanting – as he sees it, “From the perspective of a Chinese bank, he does not believe that the Chinese economy has yet become mature in most market sectors, although good progress has been made”. He points out,” For both commercial enterprises and banks, globalisation is bringing about more market opportunities, regardless of types of products, client resources or regions. At the same time, besides the capability to uplift lives of billion, globalisation does bring with it the potential for adverse effects on developing economies such as China. In particular, certain industries and enterprises with high relative costs may be the first to suffer”. Do not miss to read Satyam’s Ramalinga Raju’s view that Indian companies have now begun winning large deals and to that extent the global majors and the Indian companies are now on the same playing field and playing the same game. Companies that have depth of leadership, are innovative and can partner well with clients will have the competitive advantage and the origin and lineage may not matter beyind a certain level. These are going to be the differentiators. He adds that terms like offshoring will be passé, as those who do not have this model will not be in business & the growth prospects will be limited only by the ability of enterprises to change fast enough to exploit the emerging opportunities that will be ushered in on account of the technological breakthroughs. There are other interesting CEO perspectives included in the report. The confidence level shown by the emerging economies & leading business originating from therein are indeed impressive. A fortune article finds that despite latent weaknesses, in the three countries - Brazil, India, and China - it is globalization that is driving development and expansion. Russia’s GDP surge, on the other hand, is based on high oil prices, rather than economic growth and goes on to say, “One reason the BRIC idea resonated is that the term itself evokes building blocks, foundations, solidity. But a closer look at the political and economic peculiarities of the states in question suggests that BIC, not BRIC, is the better formula. Call them the BIC - "breakout industrializing countries." Russia is quite out of place with that crowd”.Clearly in this changing world, even the predicted change undergoes change midway through!!

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