Yesterday, we put the future of world trading on the agenda when MDC collaborated with the Institute for Future Studies, as they presented their new study. 'Den Ny Verdenshandel' or the New World Trading.
Daria Krivonos, Senior Advisor & Futurist dived into the findings of the report and was followed by a panel debate consisting of
- Peter Thagesen, Underdirektør, Director International Market Policy, Dansk Industri
- Flemming Ole Nielsen, Executive Vice President, Investor Relations and Corporate Communication, DSV
- Jacob K. Clasen, Executive Director, Danish Shipping
So, what does trading in the future look like?
Megatrends - should we fear them or embrace them?
The megatrends are a constantly developing move around us, disrupting our everyday life, and whether we like it or not, they define the path of the future. Though, they are difficult to foresee. In 2005, predictions were made that one day, we would walk around with a device in our hands using it to interact with the real world. And there you go - nearly 10 years later, the smartphone is more common than the coffee machine and adults are playing what used to be a children's game. Of course we are talking about Pokémon GO.
The trade is as well highly affected by the megatrends happening around us every day. The world economy is growing exponentially, and the markets we used to define as 'emerging' are now 'emerged'! Asia, especially China, has grown to become an economic superpower, with indicators showing that by 2031 China will have a greater market share than the USA. But, an increase in regional trade agreements is threatening the world trade!
Is president Trump a megatrend? Is he on to something?
We are seeing a movement in the US already, as Donald Trump is increasing the American protectionism and showing he's a hardliner. But his ways are a trend! Not only in America but in a global perspective we are seeing a greater regionalized world with greater actors - or so-called 'Powerhouses'. The trends are showing that we are starting to see production activities shifting from Asia.
So, where is it all going? Denmarks latest strategy for foreign politics points to Donald Trump at the helm in the United States and Britain's farewell to the EU means that Denmark must reconsider our foreign policy. But not to forget China as a great disruptive factor.
What to remember!
As stated by Jacob K. Clasen, Danish Shipping: 'We must not fear or fight these trends. We have to find a common playing field. The change is not a threat but an opportunity, and fear not, Denmark is well equipped for the change!'