The Research Institute for European and American Studies (RIEAS) forms a Business Diplomacy Department. Business diplomacy refers to the strategic application of diplomatic principles and practices by businesses, particularly multinational corporations, to navigate complex international environments and build positive relationships with stakeholders. It involves managing relationships with governments, local communities, and other relevant groups to gain legitimacy and mitigate non-commercial risks. In practical terms, essence, business diplomacy equips companies with the skills and mindset to navigate the complexities of the global business landscape, fostering stability, legitimacy, and sustainable growth.
Key aspects of business diplomacy:
- Relationship Building:
Establishing and maintaining positive relationships with governments and other stakeholders is crucial for securing a "license to operate" and fostering long-term success in foreign markets.
- Risk Management:
Business diplomacy helps companies identify and mitigate risks associated with political instability, regulatory changes, and other non-market factors.
- Legitimacy and Reputation:
By engaging in ethical and responsible business practices and building positive relationships, companies can enhance their legitimacy and protect their reputation in the international arena.
- Strategic Tool:
Business diplomacy is not just about avoiding problems; it can also be a proactive tool for creating opportunities and gaining a competitive advantage.
- Beyond Traditional Diplomacy:
Business diplomacy adapts the principles of state diplomacy to the unique needs and context of the business world, recognizing that companies are increasingly important actors in the international arena.
- Stakeholder Focus:
It shifts the focus from solely shareholders to a broader range of stakeholders, including governments, local communities, and non-governmental organizations.
The Research Institute for European and American Studies (RIEAS) has established a collaborative partnership with INTUS Smart Cities (www.intussmartcities.com) which realizes a great potential in RIEAS as an established Global network of Academic and Geopolitical influencers that can provide great networks to numerous countries and geographic areas, valuable Geopolitical and Geoeconomic Risk Management analysis and fantastic reputation and credibility.
Dimitris Agouridis is in charge of Business Diplomacy ( https://dimitrisagouridis.com/)