Economic diplomacy in a chaotic world
The international agenda reveals the complexity of the times we live in, with continuous political instability, technological advances and economic pressures. Diplomacy must be constantly evolving. After decades of building a giant image, in just a few weeks, the coronavirus, an unexpected enemy, has revealed China's fragility. There has never been a more palpable need for countries to innovate and strengthen their diplomatic capabilities to deal with the complexities and pace of change that we are witnessing. Likewise, never before has soft power had so much potential to solve the challenges facing humanity.
Political or economic, religious or cultural, climatic, ethnic, linguistic conflicts Complex realities that have direct effects on the process of business and institutional internationalisation. Creative strategies must be developed and new situations taken into account to avoid mistrust, uncertainty and even violence. Security and individual rights are key components of internationalisation in a global and conflict-ridden world. And the aim is to reduce risks when developing an international expansion strategy.
It is essential to have an effective economic diplomacy. Diplomacy must carry more weight, combining bilateralism and multilateralism, adopting an approach based on human development, and focusing on youth.
Europe continues to neglect the importance of co-development policy. Indeed, European countries are in a cautious position with regard to immigration, but the influx of African or Asian immigrants will continue as long as the European dream is not replaced by the African or Asian dream. To this end, an environment conducive to entrepreneurship must be created in all countries. Trade should not be a weapon, but a mechanism that helps countries' exchange goods, increases welfare and helps them escape poverty.
The internationalisation of companies must also be a priority in foreign policy. Develop an institutional foreign strategy that addresses issues of conflict and uncertainty, that adopts new approaches to new operational complexities. Political relations with other countries that are targets of international expansion are essential for the economic promotion of the country and its companies and for achieving favourable trade and financial agreements.
Political agreement protects investments, avoids trade wars and the nationalization of companies. The new diplomacy will have to bury the ghosts of the past, the greatness, the prejudices and the arrogance. Count on companies and allocate more resources to the training of young people. Traditional development aid does not offer sustainable solutions. Co-development seems more and more to be the case.