A new white paper by Standard Chartered, Resetting Globalisation: Catalysts for Change, has revealed that 88% of global business leaders – including those in Malaysia – agree that globalisation is succeeding across the five underlying pillars of trade, capital, technology, talent and sustainability.
Business leaders in Malaysia are most confident about the role that capital plays in globalisation (75%), although 11% believe the flow of capital around the world should be controlled, more than any other market surveyed.
Malaysia’s business leaders were also more likely than their peers in the other markets surveyed to say that international trade has been good for only a few economies (52%); but like other business leaders, more than 80% say globalisation has helped build more resilient supply chains and globalised services have created significant opportunities in the country.
78% say that global trade allows for sustainable development, with more than half (58%) noting that countries should keep sustainability in mind when it comes to the movement of goods and services. Moreover, while 63% of business leaders in Malaysia believe that solutions for climate change require a global approach, 43% say they are willing to trade in higher returns for more responsible investments.
Technology emerged as a strong theme, with 74% of leaders stating the free flow of data globally has had a positive outcome. Leaders also called for ensuring the digital future of finance is safe and secure for everyone, and when addressing talent and culture, 66% of business leaders agree it’s good for businesses to be able to hire talent from anywhere in the world.
In partnership with Bloomberg Media Studios, the white paper reveals the sentiment of more than 3,000 global business leaders – across 20 markets in Africa, Asia, Europe, the Middle East, and North America – on the drivers of globalisation, including trade, capital, technology, talent and sustainability.
The research aims to identify catalysts for change to enable a new model for globalisation based on more inclusivity for smaller businesses and developing markets, a higher level of transparency and more sustainable development.
Mak Joon Nien, Chief Executive Officer, Standard Chartered Malaysia, said: “It’s clear that
globalisation needs a reset against the current backdrop of increased geopolitical tensions, the global energy crisis, supply-chain issues and a decline in foreign investment. Despite concerns, business leaders in Malaysia remain in favour of globalisation – more resilient and inclusive trade, greater capital flows to bridge funding gaps in growing markets, and for more people to benefit from technological progress – and are increasingly aware of the need for collaboration and connection to drive sustainability and ensure continued economic development.”