Among the looming international economic adverse effects of the COVID-19 pandemic is a drastically slowing pace of business globalization. Therefore, understanding the actual impact of COVID-19 on globalization and how to deal with this change is imperative for business is a post-pandemic world.
It is clear that the entire ecosystem of international business and organizational processes that comprises business globalization is under the threat because of the pandemic. Labor mobility appears at a standstill due to the risk of contamination whilst in transit. Global supply chains appear crippled and in need of reconfiguration with the overall international transportation system seeming at a standstill. Previously active and robust markets and hubs for business development no longer appear attractive. Even cultural values that had supported globalization seem to have diminished under the force of rising nationalist and protectionist sentiment.
But is the COVID-19 pandemic actually leading to an end of globalization? At UDL we believe this is not necessarily the case. Instead, fortunately, despite the odds, success can be achieved in a new globalization context. This requires the right and willing partners, effective international business processes, and use of various online platforms to negotiate and finalize business deals. In addition, other required globalization drivers need to be encouraged, such as FDI, expansion of financial cash-flow within countries, and increased connection of people and businesses via the Internet and mobile communication.
At Universal Diplomats Ltd, we aim to help our clients in several ways, such as by establishing effective international business partnerships and by facilitating the necessary platforms. Working with clients in this manner we thereby help ensure success in an emerging new era of transformed globalization
Written by: Michael A. DADA