The ongoing debate about globalization – or its reversal – is «too binary», said HSBC CEO Noel Quinn, who believes there is a great likelihood for the world’s interconnectedness to persist.
Globalization is facing challenges as various nations face increasing geopolitical tensions and supply chains are being reconfigured. But according to HSBC CEO Noel Quinn, public discussions on the matter currently lack nuance.
«I have a personal view on re-globalization. At the moment, the debate is too binary, too simplistic,» Quinn said during the «HSBC Global Investment Summit».
Four Factors
According to Quinn, four factors are driving changes in trade and economic development. They are geopolitics, resilience of supply chains, technological innovations and domestic economic evolutions, such as the transformation of Saudi Arabia from being energy-oriented or China to being consumption-oriented.
«I think it is the interplay of the four that is going to change the nature of economic development and the nature of trade,» Quinn said.
Role of Innovation
On innovations, Quinn highlighted the accelerating pace of developments that will «create new business models and change the geographic landscape of industry», particularly in the field of artificial intelligence.
«I personally believe AI will create breakthroughs in life sciences, in research and development,» Quinn said. «And I sincerely hope and believe that in the five to 10-year time frame, this world will be a better world because research and development is being facilitated by AI, and new medicines and new cures will be founded because of the use of AI.»
