ll over the world, the relationship between the private sector and governments has historically waxed and waned. At times, it can resemble an awkward courtship and a few uncomfortable dance moves mixed in with a degree of suspicion and trepidation on both sides. Sides that are working on different agendas and objectives that would sometimes overlap but often run in parallel. Each recognizing the value of each other, but nervous about getting too close.
But that was before COVID-19.
Now whether it is the foxtrot, a waltz, or the tango, the dance cards of the private sector and governments have no choice but to ensure they merge on to the same move together, in step, for mutual survival. As we start to see the steady relaxation of lockdown rules and regulations, powerful public and private sector partnerships will be more essential than ever before. It is time to put aside any past grievances on both sides and recognize that the only way to rebuild shattered economies around the world is by collaboration. Governments in many countries are supporting economies by injecting billions of dollars, but these are short-term emergency fixes.
What we need now is a new consensus—governments and private businesses standing side by side and trusting each other to forge a new and powerful way of economic progress and renewal. Reaching a consensus will require making hard decisions and establishing priorities. There may involve considerable short-term pain, including business closures and rising unemployment. But a new collective way of working together—that extends beyond public and private sector to companies working with former competitors—can start to build hope, rebuild confidence, and demonstrate a clear and unambiguous way ahead.
In emerging markets around the world—for example in the Gulf and Eastern Europe—major investments and commitments by international businesses have been a catalyst for substantial growth and economic development in recent years. These businesses have, in many cases, aligned themselves with a shared vision of respective governments who have shown they are open to calculated risk taking and have been innovative, flexible and forward thinking in their outlook.
From conversations I have had with leaders from international business groups, it is evident that the private sector wants to help—to harness and focus its knowledge, skills, and energy to achieve strategic initiatives that will enable states to recalibrate, rebuild, and re-establish a new era of development designed for a post-COVID-19 world. I am convinced by working together there is a real opportunity to build a shared hope for a stronger and more engaged tomorrow.
But how do we make that happen?
It is time to ensure that innovation, shared visions, and more formally integrated ways of partnering for success are locked in place. Governments must be more flexible, instruct regulators to put processes in place that are business-friendly, dispense with traditional red tape, and make binding decisions faster than ever before. There may be some stumbles along the way, but the benefits will outweigh the risks and such changes are mission critical to our future economic prosperity and well-being.
Equally, the private sector must become more public-spirited and look not only at its bottom line but commit to taking a much more national and macroeconomic perspective than in the past. How close some companies want to get will, of course, vary from country to country—but closer alignment may be the difference between survival or shut-down.
Companies have also got to think of working smarter with businesses that, just three months ago, were their biggest competitors. Look at ways to pool resources, share sourcing contracts, agree to temporarily focus on one area of productivity, think long term and put aside short-term rivalry for the collective good.
My adopted home country of the UAE is a place that, for the past five decades, has welcomed the world’s leading consultants, businesses and thinkers—something that so many nations have only experienced in the recent past.
Now is the time to leverage these smart thinkers, entrepreneurs, visionaries, and emissaries of global business, who would grasp the opportunity to help governments with open hands through forging new and innovative ways of partnering. Creating places where politics, business rivalry, and envy are left at the door. Working together with one single-minded objective: to ensure the survival of that nation’s economy to the long-term mutual benefit of all concerned.
It will not be easy. Nothing worthwhile achieving ever is. But we have created a 21st century world based on ingenuity, a shared humanity, and seeking a world where we want our families to live in a healthier, safer, more environmentally secure, and prosperous time than ever before.
The stakes in our COVID-19 world could not be higher. So now it is time for the world’s decision makers—governments and businesses—to face the future shoulder to shoulder.
Now my personal dance of choice is the Waltz. But these new partnerships are going to need to face the global economic music with a quick step or rapid tango to ensure we win this mighty battle ahead.
a global affairs media network
The New Role of Public-Private Partnerships in Post-Pandemic Recovery
June 12, 2020
A
ll over the world, the relationship between the private sector and governments has historically waxed and waned. At times, it can resemble an awkward courtship and a few uncomfortable dance moves mixed in with a degree of suspicion and trepidation on both sides. Sides that are working on different agendas and objectives that would sometimes overlap but often run in parallel. Each recognizing the value of each other, but nervous about getting too close.
But that was before COVID-19.
Now whether it is the foxtrot, a waltz, or the tango, the dance cards of the private sector and governments have no choice but to ensure they merge on to the same move together, in step, for mutual survival. As we start to see the steady relaxation of lockdown rules and regulations, powerful public and private sector partnerships will be more essential than ever before. It is time to put aside any past grievances on both sides and recognize that the only way to rebuild shattered economies around the world is by collaboration. Governments in many countries are supporting economies by injecting billions of dollars, but these are short-term emergency fixes.
What we need now is a new consensus—governments and private businesses standing side by side and trusting each other to forge a new and powerful way of economic progress and renewal. Reaching a consensus will require making hard decisions and establishing priorities. There may involve considerable short-term pain, including business closures and rising unemployment. But a new collective way of working together—that extends beyond public and private sector to companies working with former competitors—can start to build hope, rebuild confidence, and demonstrate a clear and unambiguous way ahead.
In emerging markets around the world—for example in the Gulf and Eastern Europe—major investments and commitments by international businesses have been a catalyst for substantial growth and economic development in recent years. These businesses have, in many cases, aligned themselves with a shared vision of respective governments who have shown they are open to calculated risk taking and have been innovative, flexible and forward thinking in their outlook.
From conversations I have had with leaders from international business groups, it is evident that the private sector wants to help—to harness and focus its knowledge, skills, and energy to achieve strategic initiatives that will enable states to recalibrate, rebuild, and re-establish a new era of development designed for a post-COVID-19 world. I am convinced by working together there is a real opportunity to build a shared hope for a stronger and more engaged tomorrow.
But how do we make that happen?
It is time to ensure that innovation, shared visions, and more formally integrated ways of partnering for success are locked in place. Governments must be more flexible, instruct regulators to put processes in place that are business-friendly, dispense with traditional red tape, and make binding decisions faster than ever before. There may be some stumbles along the way, but the benefits will outweigh the risks and such changes are mission critical to our future economic prosperity and well-being.
Equally, the private sector must become more public-spirited and look not only at its bottom line but commit to taking a much more national and macroeconomic perspective than in the past. How close some companies want to get will, of course, vary from country to country—but closer alignment may be the difference between survival or shut-down.
Companies have also got to think of working smarter with businesses that, just three months ago, were their biggest competitors. Look at ways to pool resources, share sourcing contracts, agree to temporarily focus on one area of productivity, think long term and put aside short-term rivalry for the collective good.
My adopted home country of the UAE is a place that, for the past five decades, has welcomed the world’s leading consultants, businesses and thinkers—something that so many nations have only experienced in the recent past.
Now is the time to leverage these smart thinkers, entrepreneurs, visionaries, and emissaries of global business, who would grasp the opportunity to help governments with open hands through forging new and innovative ways of partnering. Creating places where politics, business rivalry, and envy are left at the door. Working together with one single-minded objective: to ensure the survival of that nation’s economy to the long-term mutual benefit of all concerned.
It will not be easy. Nothing worthwhile achieving ever is. But we have created a 21st century world based on ingenuity, a shared humanity, and seeking a world where we want our families to live in a healthier, safer, more environmentally secure, and prosperous time than ever before.
The stakes in our COVID-19 world could not be higher. So now it is time for the world’s decision makers—governments and businesses—to face the future shoulder to shoulder.
Now my personal dance of choice is the Waltz. But these new partnerships are going to need to face the global economic music with a quick step or rapid tango to ensure we win this mighty battle ahead.
