Globalization and the internationalization of firms have necessitated the management of "business" in the diplomacy of ambitious countries. Economic diplomacy, in general, has become a strategic tool for every country in an increasingly uncertain, multipolar, and competitive international context. It is often summarized as commercial diplomacy or the promotion of businesses and investments.
It encompasses however :
- business diplomacy
- economic security
- economic statecraft (strategic use of sanctions and coercive instruments)
- financial diplomacy
- commercial diplomacy
Challenge
A country's Business Diplomacy involves using its diplomatic system to support its businesses in navigating the international business environment.
It aims to:
- Identify, prevent, and manage geopolitical risks that may harm businesses abroad
- Identify the actors who can produce or influence these risks
- Influence or shape the rules of the game (regulatory, contractual, sectoral) in a bilateral or multilateral framework
- Ensure good relations with political decision-makers in host countries
- To create permanent dialogue platforms among international economic actors
- To promote investments and identify opportunities
- To strengthen diplomats' capacity to think 'business' and better understand the stakes of business in diplomacy
Today, business diplomacy has become a significant element in West Africa, where security challenges are intensifying, actors are multiplying, relationships are increasingly prioritized, regulatory frameworks are evolving, and public policies are becoming more demanding.
About ESPA Advisory
At ESPA Advisory, we support companies and institutions in:
- country and sector risk analysis
- mapping strategic actors
- political and geopolitical monitoring
- strategic planning
- producing briefings and intelligence reports
Our approach is analytical, multidisciplinary, and decision-oriented.
