Crises force change

Crises, quite as much as times of prosperity, change the way business is done.

Publikacja: 11.09.2023 02:23

Crises force change

Foto: Wojciech Kordowski

Crises mean changes to which business has to adapt. The rules of international cooperation change. The hierarchy of objectives and the business strategy evolve. The discussion entitled, “Economic challenges in times of crises. Economies in the third decade of the 21st century,” was held by entrepreneurs and politicians in Karpacz.

Peter Kremský, Chairman of the Finance Committee of the National Council of the Slovak Republic, argued that crises are immanent stages of history. After a while, it turned out that they contributed to a positive change. – “They can lead to opportunities that you have to be able to seize”, he said.

Positive outcomes are usually preceded by difficult situations. The pandemic, broken supply chains, and closed borders have made Europe’s rulers and pharmaceutical companies realise how dependent Europe is on active ingredients produced in such countries as China and India.

– “As much as 80% of these substances for drugs produced in Poland come from these two countries”, explained Katarzyna Dubno, Director of External Relations, ESG, and Health Economics at Adamed Pharma. – “At the time of the pandemic, we were wondering what we were going to produce medicines from. The term “drug security” was often used alongside military or energy security”, she added.

There were no widespread problems with medicines in Poland because pharmaceutical industry (both domestic and foreign) is developed. – “We had a large stockpile, but the crisis taught us that we should increase it. In addition, Europe started to wonder how to get back to the production of active substances”, she said.

– “After the recent turbulence, one thing we can say for sure is that we cannot do everything the same way as before and expect the same results”, said Grzegorz Kądzielawski, Vice-President of Grupa Azoty. As he noted, the group briefly interrupted production for economic reasons. – “However, we took steps to avoid the shortage of fertilisers. And we did avoid it”, he emphasised.

As noted by Jakub Kiwior, Regional Managing Director for Central and Eastern Europe at Visa, while people did not travel and used their cards less during the pandemic, the restrictions accelerated the number of online transactions for small businesses. The rapid growth of electronic payments forced the acceleration of cyber security. He also pointed out that banks are operating safely even in Ukraine, which is at war.

Paul Ross from the IMF and Yaser Faquih, Deputy Minister for Economic Research and Analysis at Saudi Arabia’s Ministry of Economy and Planning, highlighted the global consequences of crises and the responsibility of richer countries towards the poor. This involves, inter alia, using raw materials wisely and refraining from transferring waste to poorer countries.

PARTNER: ISW

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Crises mean changes to which business has to adapt. The rules of international cooperation change. The hierarchy of objectives and the business strategy evolve. The discussion entitled, “Economic challenges in times of crises. Economies in the third decade of the 21st century,” was held by entrepreneurs and politicians in Karpacz.

Peter Kremský, Chairman of the Finance Committee of the National Council of the Slovak Republic, argued that crises are immanent stages of history. After a while, it turned out that they contributed to a positive change. – “They can lead to opportunities that you have to be able to seize”, he said.

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