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IMA International Management Conclave 2013
(Indore, January 19 – 20, 2013. Transforming Leadership–Getting Future Ready)
“How Switzerland is Tackling the Challenges of Globalization through Innovation”
Dear Mr. President (Shamit Dave, President IMA and MD of Davesmen India)
Dear IMA members,
Dear Entrepreneurs & Students
Ladies and gentlemen,
1. It is an immense pleasure for me to be here today and to address such
a distinguished audience of entrepreneurs and students. I would like to
thank the organizers of the IMA International Conclave for the invitation
to speak on IMA’s 50th anniversary – an esteemed honor to which I
attach a lot of value.
2. While it is my first visit to Indore, the Consulate General of Switzerland
and the Swiss Business Hub have already engaged in a dialogue with
the Indore business community last year in an effort, not only to
promote Switzerland as a favorable business and investment
destination, but to also look beyond the traditional favorite “hot-spots” of
Swiss companies in India like Pune and Bangalore. Such interactions
give us a better understanding of the business and investment
opportunities in Madhya Pradesh.
3. The purpose of my visit is however not only to reach out to the local
business community but also to explore the rich cultural heritage and
natural beauty of Madhya Pradesh, a state that is probably not yet
getting the attention it deserves.
4. Looking at the students in the audience, my mind goes back to my own
student days more than two decades ago and to all the changes
between those times and today. The world has changed, India and
Switzerland have changed, Indore has changed. Since change, as they
say, is the only constant in life, managing change is by far the biggest
challenge we face in today’s interconnected world. A world that has not
yet become “flat”, as Thomas Friedman famously put it, but gives more
and more an impression of a “global village”.
5. I would like to start my speech by providing you with a nutshell overview
of the Swiss-Indian trade & investment relations and outline select
competitive advantages that Switzerland offers as an investment
destination for fast emerging Indian companies in their quest to go
global. In addition, and in line with the topic of this management
conclave, I would like to emphasize on the phenomenon of globalization
and outline how Switzerland is dealing with its challenges and
opportunities. I will conclude with considerations on the importance of
innovation as a crucial driver for growth and enhanced competitiveness
of both, developed and emerging economies.
6. Ladies & gentlemen, it might come as a surprise to you, but Switzerland
was actually the first country in the world to conclude a friendship treaty
with independent India, in 1948. Initiated by India's first Prime Minister
Nehru, it defined the fundamentals on which our bilateral relations were
built and which are still valid today, namely: friendship & mutual respect
and mutual benefit & equality. Since then, Switzerland and India have
concluded numerous bilateral agreements such as the Double Taxation
Avoidance Agreement, the Social Security Agreement and the
Investment Promotion and Protection Agreement. And we have, along
with the EFTA states, progressed even a step further by launching
negotiations on a broad-based Trade and Investment Agreement with
India - which will eventually mitigate tariff barriers and improve market
access for goods and services as well as the overall framework
conditions for businesses for both sides.
7. Speaking about relations between Switzerland and India involves
comparisons between a small alpine nation and an 80 times larger sub-
continent in terms of size and a 150 times larger country in terms of
population. In economic terms, however, India is only about three times
bigger than Switzerland. Switzerland and India are both democracies.
Both nations know how to “argue to convince” and to be “convinced by
better arguments”. Both nations - Switzerland and India - are traders by
historical tradition and in both countries, family businesses are the
backbone of the economy. Such similarities, ladies and gentlemen,
build common ground to facilitate communications and simplify
negotiations. And all this creates opportunities for doing business. But
it's not only the similarities that create opportunities. To benefit from
market opportunities, it’s equally important to understand cultural, social,
political, and other differences. For a successful penetration of the
value-conscious Indian market, innovative Swiss technologies have to
be combined with Indian cost-competitiveness so as to offer affordable
solutions also at the lowest strata of the demographic pyramid.
8. As you might be aware, ladies and gentlemen, Switzerland is one of
India’s most important trade partners: Since the opening of the Indian
economy, the bilateral trade volume has increased multiple times and
exceeded 4 billion US dollars in 2011. While total Swiss exports grew in
2012, it is true that Swiss exports to India have suffered a bit - at a
minus 10%. This does not really come as a surprise to me considering
the global economic environment, the relatively lackluster Indian growth
and the enormous challenges Swiss exporters have been facing in the
last two years due to an overvalued Swiss Franc. However, in view of
the huge potential of the Indian market and the still remarkable
competitiveness of the Swiss economy, I’m convinced that the current
downturn will prove to be a temporary hiccup and that our exports to
India will resume the growth path of the recent past very soon. On a
positive note, I can say that exports from India to Switzerland have
increased by 20% in 2012.
9. Switzerland is also one of the most important investors in India: 200
subsidiaries and joint ventures of Swiss companies and more than
66’000 created jobs provide evidence of both: the importance of
Switzerland as an investor for India and the importance of the Indian
market for Swiss entrepreneurs. Many Swiss companies have realized
that a successful market entry requires a direct presence close to their
end customers. For this reason, Swiss companies will continue to invest
and create additional jobs in India in an effort to mitigate the
consequences of the strong, overvalued Swiss franc and to ensure
competitiveness in the value-conscious Indian market – a market which
offers promising growth opportunities even in challenging times of an
insecure global economic environment. Thus, investments by Swiss
companies are driven by both: cost saving and market consideration
but mainly aimed at tapping the full potential of the promising growth
opportunities that India offers as an emerging market.
10. India, on the other hand, has emerged as an important global
investor as well - ranking in 2011 for the first time among the top 20
global sources for outbound investment. Switzerland is proud to be one
of the preferred “gateways” to the European market for close to 100
Indian companies and I am pleased that Switzerland regularly ranks
among India's top 5 European investment destinations. So what are the
reasons for Indian entrepreneurs to invest in Switzerland, what are the
main drivers and what does Switzerland offer in terms of investment
climate and business environment?
11. At the onset, let me be very clear: Switzerland is neither a tax
heaven nor an offshore destination. Switzerland has concluded more
than 80 double taxation avoidance agreements and the recently revised
Double Taxation Avoidance Agreement with India provides for full
fledged information exchange in the case of both, tax fraud as well as
tax evasion. Thus, Switzerland is fully compliant with the latest OECD
standards and the reason for the growing number of investments from
India to Switzerland has certainly nothing to do with issues related to
tax evasion.
12. The main driver for investments from India to Switzerland is
market access. Switzerland has a comparatively small home market
and is not a member of the European Union but has through various
bilateral treaties full access to the European Market. And the European
Market with more than 500 million consumers, ladies and gentlemen,
offers for Indian companies attractive margins and growth opportunities.
By choosing Switzerland as a gateway to the European market, Indian
companies take advantage of Switzerland’s competitiveness - which
has been rated by the World Economic Forum, for the fourth
consecutive year, as the most competitive economy in the world. In
addition, Indian investments to Switzerland are often driven by the aim
to strengthen an investor’s technological capabilities, innovation
capacities and product portfolio.
13. Let me briefly elaborate on Switzerland’s competitive advantages.
Situated at the cross-roads of Europe and fully integrated in the
European market, Switzerland has one of the most liberal and business
friendly environments, with an outstanding capacity for innovation,
world class education and R&D institutions, a highly qualified labor
force, flexible labor law, a developed financial center, an excellent
transportation infrastructure, a high quality of living and, last but not
least, competitive tax rates. For this reason, ladies and gentlemen,
global multinationals such as IBM, General Motors, Kraft Foods, Phillip
Morris, Procter & Gamble, Dow Chemicals, Amgen, Baxter, DuPont,
Nissan, Yahoo and Google have established their European or global
headquarters in Switzerland.
14. Innovation, ladies & gentlemen, is one of the new drivers of Indo-
Swiss Partnerships. Let me illustrate this by giving you two excellent
examples of particular importance:
Glenmark: An important innovation driven investment from India
was the establishment of a research & development centre by
Glenmark Pharmaceuticals in 2006. Glenmark was the first Indian
company to establish a Biologics Research Center outside India
and employs more than 60 highly qualified scientists in
Switzerland. In 2012, I had the pleasure to confer the Swiss
Ambassador’s Award on Mr. Glen Saldanha, Chairman and
Managing Director of Glenmark in recognition of the company’s
contribution to Switzerland.
Tata: The Tata Group was the first Indian company to invest in
Europe through an outward foreign direct investment. Starting
with Switzerland in 1961, the group has, in the meantime, eight
Swiss subsidiaries active in different sectors. In 2009 Tata
invested in a start-up company, Flisom (a spin-off of the Swiss
Federal Institute of Technology), which aims at developing the
next generation of lightweight and flexible, thin-film photovoltaic
solar modules.
Numerous other examples for innovation, technology or R&D
driven Indian investments in Switzerland could be mentioned in
highly specialized fields of ICT, medtech and life sciences.
15. A large number of Indian investments also come from the ICT
sector since Switzerland has become a promising market for the Indian
ICT industry. Indian ICT companies nowadays generate revenues of
more than 500 million US dollars from Swiss customers and have
created more than 2’000 jobs in Switzerland. It might be interesting for
you to note that Switzerland lacks software and computer engineering
experts and that the highest number of work permits granted by Swiss
authorities are allocated to Indian ICT specialists.
16. Speaking about strengthening and deepening economic relations
between India and Switzerland, I shall not forget to mention tourism.
Tourism from India grows fast. In 2012, Indians booked over half a
million overnight stays in Switzerland. And “Incredible India” has, for
good reasons, also seen an increase in the number of Swiss tourists
which hopefully will also translate into more tourists visiting Madhya
Pradesh.
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17. Now to get back to the main focus of this address, namely
globalization, the opportunities and challenges it creates and how
Switzerland is tackling them.
18. Kofi Annan once famously quoted, “It has been said that arguing
against globalization is like arguing against the laws of gravity.” So
although globalization is accused of some evil by some, cherished as a
boon by others, it is like a natural force which does exist and also
shapes our lives. It is neither the universal remedy that solves all the
problems of mankind nor is it the catastrophe that sends us to
irreversible doom.
19. Having said this, permit me to define as to what I, personally,
perceive as globalization. For me, globalization is the reduction in
barriers to the flow of goods, money, people and ideas cutting across
national, linguistic and social boundaries, a phenomenon that affects
countries around the globe and which comes with related benefits and
costs
20. In some way or the other, globalization affects us all: It influences
the goods, services, capital and labor markets and, concurrently, it
percolates down to less tangible domains like our way of thinking,
expression, behavior and even dressing. In a certain way, our life styles
become more and more similar – thus, arguably risking an inherent loss
of diversity and cultural identity. Some have coined this phenomenon
the “McDonaldization” of the planet.
21. Certainly, the winds of globalization have and will create winners
and losers among the 200-odd nations of the world. Even within the
countries which successfully grapple with globalization, there are
populations and strata of society that succeed and others who do not
benefit or even lose out. For its supporters, globalization is the best way
forward for collective global prosperity and welfare. For its critics, on the
other hand, globalization is an unmitigated evil which exploits the poor
and weak, destroys traditional livelihoods, accentuates inequalities
within and across nations, leads to environmental degradation,
undermines the sovereignty of the nation-state and benefits mainly
global profit-driven multinational corporations,
22. Like always in life, there is some validity to both sides of the
argument, and the best way forward would be to maximize the positives
and minimize the negatives.
23. All the same, it is worth recalling that world trade has seen a
manifold increase in decadal growth thanks largely to trade policy
liberalization, reduction in customs tariffs and free movement of people,
especially professionals. The world is slowly but irrevocably evolving
into a global village with a distinct shift of paradigm in the sectors of
telecommunication and transport, where today’s costs are only a
fraction of what they used to be five to eight decades ago.
24. I do believe globalization is not a zero sum game; today one
cannot simply win or prosper to the detriment of others. Globalization
has always been an important driver of growth, creating a good deal of
prosperity all around the world. Therefore, without appearing dogmatic,
I would certainly like to believe that globalization has created many
more winners than losers since the 1950s.
25. However, globalization is a double edged sword - it offers
immense opportunities but also poses ruthless challenges. Nothing
illustrates this better than the global financial crisis of 2008/09. You may
recall that in the years before the crisis there was a steady growth in the
advanced economies and accelerating growth in emerging and
developing economies, coupled with low and stable inflation all around.
This was a consequence of globalization - in particular, of the
tremendous boost to world production and productivity as a result of
India and China joining the world labor markets. If this was the positive
side of globalization, the financial crisis of 2008/09 and the recession
that followed were its negative side. That a bubble in a quintessentially
non-tradable sector like housing snowballed into a global financial crisis,
taking a devastating toll on global growth and welfare, is a
demonstration of the ferocity of the forces of globalization.
26. I would not like to dwell here on the history of globalization and its
different waves. However, until the year 2000 globalization was
predominantly spearheaded by Europe and North America who almost
exclusively benefitted from it, but the centre of gravity has changed ever
since.
27. As developed and mature economies like the European Union,
Northern America and Japan stagger and stumble from financial or
economic crisis to debt or budget crisis, the BRIC countries are slowly
but surely emerging as centers of growth.
28. Although presently on a slow growth trajectory compared to the
earlier 2000s, China, India, Brazil as well as other Asian and Latin
American economies are emerging with growth rates which developed
countries can only dream of. This has shifted the economic centre of
gravity towards the Asia Pacific region and portends to do so in the
near future too.
29. China is today the world’s workshop increasingly producing more
technologically sophisticated products. India, on the other hand, offers
services on a large scale and is a powerhouse when it comes to IT
solutions, call and accounting centers as well as other professional
back-office services.
30. In fact, what inter-governmental development cooperation or aid
never managed to accomplish, this particular new wave of globalization
is doing. Since 1995 more than one billion people ascended to middle
class levels, working and making a decent living, being able to afford
comfortable housing, send their children to school, benefit from
healthcare services and travel. This spectacular evolution has, for the
most part, also come about in China, India and other Asian countries.
31. However, this does not stop here. As per estimates every year
approximately 70 million people – this is roughly the population of
Madhya Pradesh – make it out of poverty into middle class, with an
annual income that corresponds to a purchasing power between 7’000
and 12’000 US dollars. This is indeed spectacular. But, as mentioned
before, there are obviously always losers and so there are still
hundreds of millions living under the poverty line.
32. Before concluding the topic of globalization, let me mention the
effects it has had on Switzerland. As with most countries, Switzerland
benefitted greatly from globalization and from opening up its economy. I
would even say that Switzerland is a winner because of globalization
since globalization provides the opportunity for companies with
relatively small domestic markets to serve international markets created
by lower trade barriers, lower transportation and transaction costs as
well as greater information access. Globalization also provides
companies with the opportunity to achieve economies of both scale and
scope that otherwise would not be possible if they were restricted to
their small home markets.
33. Thanks to its flexibility and creativity, the diversified Swiss
economy is well placed to remain internationally competitive. But the
Swiss people must recognize that the world does not stand still and in
order to preserve and enhance our high standard of living, we must
remain extremely flexible in every respect. Ongoing innovation and
qualified human capital are of utmost importance in a high-wage
country like Switzerland. Both of these factors will enable our
companies to continue to bring successful new products onto the world
market and to take advantage of the opportunities that globalization
offers.
34. I think it’s fair to say that not only Switzerland but also India has
been a clear beneficiary of globalization. The number of people living in
absolute poverty has in the past thirty years been significantly reduced
and India is nowadays much better integrated in the world’s economy
since it understood to take advantage of the opportunities that
globalization presented.
35. Finally, I would say that a growth dynamic has definitely taken off
which makes the prospect of improving one’s life really tangible for the
entire planet’s population and this, I believe, is the most important facet
of today’s ongoing globalization process.
++++++++++++++++++++++++++++++++++++++++++
36. So how is Switzerland tackling the challenges of globalization?
How is Switzerland ensuring competitiveness? How did Switzerland
foster an innovation friendly business environment? And why was
Switzerland’s economy less affected by the recent economic crisis? Let
me outline some of our innovation driven strategies:
37. Until recently, the theory that “geography is destiny” prevailed.
Switzerland and India are two shining examples that this is not the case.
Due to the lack of significant natural resources – except for water –
Switzerland realized at a relatively early stage and has even proven
practically, that any country can advance and increase its
competitiveness by focused investments in talent and R&D. Continuous
innovation and a highly trained workforce represent the most important
capital for a country like Switzerland. As for India, the latest sweep of
IT-enabled globalization also provides evidence that geography is
irrelevant. No longer is a country’s destiny tied down to its geographical
location or physical resources more so in today’s Internet dominated
era of instant connectivity, easy communication and flow of information.
38. Switzerland has proven that it is possible for countries to
overcome handicaps of geography and lack of natural resources by
exploiting their comparative advantage in human resources.
39. There are several factors that make Switzerland stand out among
industrialized countries.
40. First: Switzerland started early. Its emphasis on research and
innovation has a long history. As early as the 19th century, farsighted
Swiss industrialists focused on innovation and technical excellence.
Having a small domestic market, they realized that they could not
compete with other players on mass production but had to look for high
quality and high value-added products based on research and
innovation.
41. Second: In a liberal economy like Switzerland, private R&D
spending is very high – with approximately 13 billion US dollars per
annum. As a percentage of GDP, Swiss companies spend twice as
much on R&D as the EU27 average. The R&D spending of the 27
Swiss companies which rank among the world’s top 1000 firms
accounts for 5% of the global top 1000 firms’ total R&D investments!
(Source: Booz Company). Private sector expenditure, which contributes
to three quarters of all R&D in the country, is complemented by State
funds for R&D, building strong public-private links in the funding and
conduct of research.
42. Third: Switzerland has some outstanding universities. With a
population of 8 million, it has several top universities among which the
Federal Institute of Technology in Zurich is regularly considered the
best outside the US and UK according to the the Times Higher
Education World University Ranking.
43. And fourth: I also want to emphasize on what I call “the human
factor”. Switzerland, being a small, neutral and non-aligned country with
no colonial past, has always been a safe haven to foreigners from
Europe and all over the world. At the same time, Switzerland has
benefitted a lot in economic terms of the granted hospitality. Many
internationally well known enterprises like Nestlé or ABB have been
founded by foreigners migrating to Switzerland because of its politically
liberal and business-friendly environment. Over the centuries,
Switzerland has always attracted an intelligent, skilled migrant
population of professionals and entrepreneurs and has succeeded in
making them feel at home; this continues even today. Happily, this is
increasingly true for Indians, too.
44. It is also worthwhile mentioning that the economic slow-down did
not impact the Swiss innovation drive. Swiss companies continue to
invest in R&D despite the global downturn and have not cut back on
research budgets. As a result of this persistent emphasis on R&D,
Switzerland has today four strong and unparalleled innovation clusters
Pharma, biotech and medtech
Nanotechnnologies, microtech, precision engineering
Industrial manufacturing and new materials
Information technology and financial services
45. In addition to this world-class R&D investment in the domestic
business environment, Swiss companies have also internationalized
their R&D activities to a great extent - in fact they have more
laboratories outside Switzerland than within! There is also a growing
number of R&D facilities of Swiss companies here in India, the latest
example being the new Nestlé R&D centre in Manesar near Delhi. The
creation of R&D centers abroad by Swiss firms has, however, not been
accompanied by the closure of centers in Switzerland.
46. On the contrary! Swiss and other foreign companies continue to
set up their R&D facilities in Switzerland – I have earlier mentioned the
case of Glenmark and Tata. One other international example of a state-
of-the-art R&D facility is that of Google. When Google was considering
setting up its Europe, Middle East, Africa headquarters that would also
include an R&D centre, Switzerland was a natural choice. Although
Google appreciated Switzerland’s robust broadband infrastructure, it
was the local talent that was the real appeal. As a percentage of GDP
Switzerland has the highest output of patents in the world and is home
to hundreds of start-ups. As the Google CEO put it, “Switzerland is a
key location for the research and development of Google products. This
is where the inventive spirit lives”. It is interesting to note that just after
Google, its competitor Yahoo followed suit with a similar set up in
Switzerland.
47. In line with what is happening in the private sector, the Swiss
government has also increased its efforts in internationalizing its
research and innovation network by establishing a number of so-called
Swissnex offices in Boston, San Francisco, Singapore, Shanghai and
Bangalore which is under the umbrella of the newly established
Consulate General of Switzerland there. Swissnex is a key component
of the Swiss government’s strategic policy on the promotion of
education, research and innovation. Swissnex is a platform for
researchers and research organizations, which aim at strengthening
Switzerland's excellence as a location for science, technology and
innovation by sharing knowledge and forming partnerships in science,
higher education, technology and innovation as well as funding of joint
research projects. Moreover, the Swiss government has also set-up the
so-called Swiss Business Hubs which are integrated in the diplomatic
representation in key markets and aim at supporting both, the Swiss
export industry as well as foreign investors.
48. A true testament that the factors I have mentioned have worked
is the fact that Switzerland is consistently ranked at the top by various
innovation rankings such as the INSEAD’s Global Innovation Index. The
INSEAD analysis shows that Switzerland has not only one of the most
enabling environments for innovation but also one of the highest
outputs in terms of achievements in innovation. INSEAD and the World
Intellectual Property Organization (WIPO) describe Switzerland as a
country where open innovation can thrive and is supported by a
dynamic collaboration between industries, enterprises, governments
and the scientific community.
49. These and some other strategic factors make Switzerland and its
economy truly competitive. The Swiss strategy for a lasting success
rests on the following six pillars:
a. An open and liberal labor market to ensure that the economy can
quickly react and adapt new evolutions,
b. A well diversified economy with a strong export sector, which has
been forced to internationalize at an early stage and has focused
on high-end, top quality products less sensitive to business
cycles,
c. A dual system of vocational training and university education
which is based on the concrete needs of the labor market and
values practical know-how,
d. An immigration policy which ensures access to top specialists
and researchers who fit the needs of the economy and industries
e. A sophisticated and stable financial sector that meets the
requirements of individuals, micro businesses, SMEs, midcaps
and multinationals
f. A continued investment on maintaining a high quality of
infrastructure to attract investments, human resources and capital.
50. But the Swiss do not take anything for granted. We do not rest on
our laurels knowing that competition is tough and will get even stronger
with the rise of emerging countries. This is also what globalization is
about. We do, however, not perceive globalization and increased
competition as threats. True, there are challenges, but simultaneously
many opportunities, too. And we tend to focus on those according to the
motto “When the going gets tough, the tough get going”.
51. This doesn’t mean, though, that we are sole fighters. There is a
common understanding in Switzerland that especially a small country
like ours needs friends and partners and one such friend we had, still
have and shall continue to have is, of course, India.
52. Ladies and Gentlemen, in order to succeed, Switzerland cannot
only rely on itself and keep its own house in order. Its success depends
on the quality of its relationship with Europe & the world. Switzerland
still needs to meet certain challenges and find the right answers when it
comes to its integration and its role in the world:
a. Redefine its relation with the European Union, its main trading
partner.
b. Adapt to the new rules of the game in the financial and economic
domain.
c. Find its place in the global governance (neutrality, G20, United
Nations, etc.).
d. Modernize its governmental system to make it even more efficient
and responsive.
53. It is, after all, in this rather political domain where the greatest
risks for the evolution of Switzerland’s well-being are hidden. The
economy and the financial system are modern and adjusted to the
challenges of globalization. The political structure and the mentality are
not and remain governed by a thinking of the past. I am therefore
convinced that Switzerland’s success in the 21st century will depend on
a political and mental redesign. But I am even more convinced that
Switzerland has the strength and ability to reinvent itself, partly thanks
to its diversity which to a great extent also derives from its large and
well integrated immigrant population that has made Switzerland in the
course of globalization what it is today.
54. Let me conclude with a positive example for globalization and
innovation. It is the story of a Swiss company with business activities in
Madhya Pradesh: Remei AG, was established in 1991 in Switzerland to
sell fashionable fair trade textiles made from organic cotton.
Concurrently, in 1991 Remei AG also established an Indian subsidiary,
a sourcing company under the name BioRe India Ltd. in Kasrawad in
Madhya Pradesh with the objective to improve the livelihood of small
farmers’ through sourcing of organic cotton. BioRe India works together
with a 5’500 strong farming community in Madhya Pradesh to procure
certified organic cotton from individual farmers by paying them a
premium to the market price. In addition, a BioRe Foundation was
established which then set-up a “Training Center for Organic and
Biodynamic Agriculture” and various social projects in the field of
education, mobile health care, women empowerment and CO2
reduction were rolled out in Madhya Pradesh. In its own small way, this
example of an innovative Swiss SME reflects the opportunities of
globalization and its positive impact right in your own backyard!
55. Ladies and gentlemen, for Switzerland the real challenge will be
to maintain its competitiveness, its innovation capacity and social as
well as economic welfare at the present existing levels. For India on the
other hand, the challenge will be to accelerate its growth rate and make
that growth genuinely inclusive.
56. Undoubtedly the capability to innovate and to bring innovations
successfully to a market will be a crucial determinant of the global
competitiveness of nations over the coming decade. There is growing
awareness among policymakers that innovation is the main driver of
economic progress and well-being. Coming back to the conclave’s main
topic of transforming leadership: the importance of innovation has been
reinforced by globalization and implementing reforms to foster
innovation requires exceptional leadership and excellent governance.
57. Thank you for your attention.
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