06 May (Webinar) Business intelligence for Economic diplomacy

Our next webSeminar will take place on the 6th of May (10AM London, 11AM Paris, 13AM Moscow) and will cover Business intelligence, in the context of Economic diplomacy.

Economic diplomacy deals with the nexus between power and wealth in international affairs (1)

Economic diplomacy not only promotes the state’s prosperity but also, as occasion demands and opportunity permits, manipulates its foreign commercial and financial relations in support of its foreign policy – as in the case of US/UE sanctions against Iran. Accordingly, economic diplomacy is a major theme of the external relations of virtually all countries. At home, economic ministries, trade and investment promotion bodies, chambers of commerce, and of course foreign ministries, are all participants in economic work. Current trends include increasing collaboration between state and non-official agencies, and increased importance given to WTO issues, the negotiation of free trade and preferential trade agreements, and accords covering investments, double taxation avoidance, financial services and the like. Abroad, embassies, consulates, and trade offices handle economic diplomacy. The main focus is on promotion, to attract foreign business, investments, technology and tourists. Economic diplomacy connects closely with political, public and other segments of diplomatic work. 

Currently, business intelligence (BI) is a corporate toolset – not a diplomatic one

Governments gradually take interest in the practices of the corporate world (organization, tools and methodology). Young computer-savy diplomats use Twitter and LinkedIn, VK in Russia or Sina weibo in China. Implementing heavier tools, such as Customer Relationship Management (CRM) or BI to improve the efficiency of the Economic diplomacy remains a challenge. Some diplomats are already familiar with all-in-one databases combining media information and data about companies and decision makers (such as Factiva Dow Jones or LexisNexis). INTEGRUM is a similar all-in-one database focused on Russia and the CIS.

Russia : a large emerging / re-emerging market and a looming competitor

Russian (and the CIS) is already a large market – but not an easy market: there is competition for it.

It is a world class player in the field of commodities (energy, metals, agriculture). In some industrial sectors, such as the nuclear industry, it is already a fearful competitor.

Do not overlook Russia ; and get the right tools for an efficient Economic diplomacy.

Read the supporting presentation here: 20130506 EconomicDiplomacy

(1) http://www.diplomacy.edu/courses/Economic

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