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Embrace free market: Lord Swraj Paul

LONDON: Lord Swraj Paul, Chancellor of Westminster University, has called for more countries to embrace “free market” and find their own place in the global economy.

In a speech to delegates of the Advanced Management Programme at the university, Lord Paul highlighted the “truly global dimension” of modern business and said that no country could remain in “isolation anymore and close off its market if it is to develop.”

“Each country must be willing to embrace free market and find its own individual role within the global economy. We must be ready to work together with different cultures, come to understand their methods and values and be prepared to learn something new. Through being open to the global economy, both developed and developing nations stand to benefit,” he said.

Lord Paul noted that globalisation was not a “passing phenomenon” but was here to stay.

“We must embrace it and, as part of that, accept that knowledge has a short shelf life. It is therefore crucial that all individuals in the workplace constantly update their knowledge and skill set. Each of us has a responsibility to build capability within our organisation by undertaking lifelong learning,” he said.

Lord Paul hailed Britain for its “openness” to the business world. “By giving overseas investors the same business rights as British people and, with its dedication to outsourcing, it has not only bolstered its own economy but also aided the development of many other economies over the years. This serves to show the value of a country opening up its markets to the rest of the world,” he said praising Prime Minister Gordon Brown for his role in opening up the British economy.

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