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December 8, 2022

Resiliency Makes Businesses and Countries More Competitive

In today’s globally interconnected economy, the intersection between business and policy is more important than ever. Governments, corporations, and civil society organizations engage with each other like never before, producing sustainable arrangements to promote growth in emerging markets, and pooling resources and know-how to address and mitigate financial crises and shocks. The most resilient countries and businesses are those who understand this reality, and are equipped to measure, avoid, and manage all risk types, whether they be natural disasters, resource scarcity, pandemics, population displacement, political or economic instability, or disruptive technological changes. The World Bank Development Report (WDR) 2017 highlighted the fact that job creation and a stable market occurs not simply because of economic growth, but because a country encounters fewer episodes in which crisis or conflict damages its economy or prevents essential capital and expertise from reaching its local markets.

Identifying “points of intersection” between public and private sector interests in these regions enables a productive dialogue to identify and implement sustainable, longer-term solutions to developmental challenges, crises, and disruptive events. Ideally, Governments and other public organizations provide the services, security, and institutions necessary to the welfare and livelihood of their people. Yet, public resources are often insufficient to fulfill these needs, or to adequately promote a country’s economic growth. Resource-strapped governments must often turn to private sector expertise and resources to deliver key services (like health, education, food) and to provide access to capital to facilitate market development. Rather than patchwork or ad hoc solutions, a longer-term collaboration between public and private sector interests with respect to proactive risk management, resource allocation, and crisis mitigation offers tangible solutions for crisis-affected communities while setting the foundation for longer-term growth.

Roundtables for Resiliency in 2023

During this time of crisis, resiliency becomes even more critical for countries and corporations. In order to explore how the private and public sector can better collaborate, the Empower Capital in partnership with Hybrid Power System Group is organizing quarterly Resiliency, and Green Growth roundtables that will bring together leading global CEOs, Minister(s) of Finance, and risk management practitioners. A key aspect of the discussion is understanding how private firms leverage their often-robust distribution networks, supply lines, sophisticated risk management crisis planning and operational policies to ensure continuity of operations and access to vulnerable population groups (in hard-to-reach places) during crises. The networks and business continuity of the private sector, supported by appropriate incentive structures, could potentially be leveraged by humanitarian and development groups to deliver support that saves lives and builds resilience.

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