Friday, September 29 2006 13:15 Hrs (IST) - World Time -

London: Strategies and methods of working adopted so far will not to be relevant in an increasingly global economy, according to leading management experts from the Indian Institutes of Management (IIMs).

These and other key management issues are expected to be addressed at the "IIM-Commonwealth Business Council Global Management Forum" here on Oct 9 that Indian Prime Minister Manmohan Singh and leading industrialists and experts are expected to attend.

The seminar is being jointly organised by the Indian Institutes of Management (IIMs) and the Commonwealth Business Council (CBC), according to a CBC press release.

It quotes Devi Singh, director of the Indian Institute of Management-Lucknow, as saying: "Even an organisation with no global aspirations in today's world needs to have a global strategy, particularly with regard to emerging markets.

"The emergent economies are not only increasingly important engines of worldwide economic growth, they impact every organisation, including local ones, due to their strengthening influence over the entire range of economic activity, from manufacturing to R&D".

CBC director-general Mohan Kaul said, "Countries such as Brazil, Russia, India, China, South Africa and others not only have huge domestic markets but also a large pool of talent. These countries are developing faster, innovating quicker and consuming more than ever before. Contrary to popular belief, these economies pose not a threat but a huge set of opportunities to the companies in the developed world".

The CBC represents 53 Commonwealth nations, including developed economies such as Britain, Singapore, Canada and developing countries like India, Malaysia, and is the world's second largest trading bloc after the EU, handling trade worth $2.8 trillion annually and with FDI outflows of over $160 billion.

Stimulating investment flows to the developing nations of the world is one of the main aims of the Commonwealth and the CBC.