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Doing Business in a foreign country

Hyderabad, 9th February 2022: Institute of Management Technology (IMT), Hyderabad organized the second edition of 'Global Immersion Program' (GIP) commencing on the 9th of February 2022. The month-long program aims at the fundamental objective of exposing the B-school candidates to various societies, thoughts, and administrations across the globe.

The event commenced with a welcome address by Prof. (Dr.) Manoj Das, Chairperson - International Relations Committee (IRC) of IMT Hyderabad. He introduced the audience to the speaker of the inaugural session of GIP 2021–23, Prof. Kongkiti Phusavat, Professor -Department of Industrial Engineering and Management, Oulu University, Finland. He also articulated the important worldwide issues influencing the business world and various values and strategic approaches that would bring about enthusiasm in the students towards differentiated thoughts and points of view in their process of driving associations.

The event included an official address by Prof. (Dr.) Venkata Chakrapani C, Dean (Academics), wherein he introduced the first speaker for the day, Prof. Kongkiti Phusavat. This followed a comprehensive prologue of Prof. Phusavat narrated by Ms. Srividya Racharla, a PGDM first-year student.

The speaker delivered a session on "Doing business in the foreign country." The discussion intended to be aligned with his associations with the World Bank Group on the "Ease of Doing Business." He iterated that such policy-making decisions endowed trust. He also exemplified that the research added to be a significant apparatus for the private area, common society, the scholarly world, columnists, and others, expanding comprehension of worldwide issues.

He emphasized the significance of Ease of Doing Business, which included featuring the elements of governance for small and medium-sized firms in regular routines along with giving essential and adequate insights to the public authority for planning a sound business organizational strategy. He further pointed out the particular procedure of the Ease of Doing Business that encompasses a total of five significant stages, right from starting a business to arriving at the phase of working in a safe business climate.

Prof. Phusavat examined the orders and authorizations during the pandemic that prompted a disintegrating decrease in the public trust towards the public authority in different nations everywhere. He additionally acknowledged India's rise in the 'World Bank's Ease of Doing Business Ranking 2020' from 77th rank in 2019 to 63rd rank in 2020. The speaker shared his perspectives on the profoundly disruptive environment resulting from the pandemic and iterated on the disturbance caused in the entire supply chain. The conversation further consolidated the intricacies looked by nations towards the investment and relocation decisions and geopolitical risks coming sooner rather than later. The event came to a close with a back-and-forth discussion among the students, the Professors, and the Guest Speaker. It was trailed by a statement of gratitude to the speaker for an enriching session.

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