Global growth firms drive sustainbale expansion

By 2020, the region is expected to be among the world’s 10 largest economies, with a combined market of more than 650 million people, benefiting from the advent of the Asean Economic Community.

Southeast Asia’s robust growth will be spurred not only by the large established multinationals but also by a new generation of dynamic corporations. At the World Economic Forum, we call them global growth companies (GGCs) – high-growth companies with the potential to be tomorrow’s industry leaders.

In addition to showing consistently high growth rates, GGCs act as disruptors of traditional industries through their new technologies and innovative business models and show a strong commitment to sustainable growth. Thus they are role models for their countries, regions and industries.

GGCs boldly seize business opportunities while dealing with and overcoming the unprecedented challenges arising from the interdependence of the global economy, the impact of the current US/European financial crisis, diminishing natural resources, climate change, natural disasters, etc. It is in this regard that the WEF views the GGCs as true motors for sustainable economic growth.

Recognising their importance, the WEF engages the GGCs by providing them with a platform in which their leaders can jointly address the top issues they face in an informal and interactive environment, with access to different stakeholders from government, non-governmental organisations, academia and civil society.

At the WEF on East Asia for example, to be held in Bangkok from tomorrow to Friday, the GGCs will have privileged access to heads of state and government of the region to discuss and propose concrete actions to shape the region’s connectivity so as to advance Asean’s economic integration.

The annual meeting of the New Champions, also known as “Summer Davos”, in Tianjin, China, from September 11-13 presents another occasion for GGCs not only to develop business through peer-to-peer networking and knowledge sharing, but also to pursue their commitment to being a positive driving force for economic and social development.

More than 350 companies from more than 50 countries have been admitted to the WEF’s community of GGCs after a rigorous selection process that only sees a handful accepted every year. Membership is by invitation only, and selected companies have consistent annual growth rates exceeding industry and regional averages and a minimum turnover of between US$100 million and $5 billion, depending on the industry. GGC executive teams are among the most recognised leaders in their fields and have the ambition and drive to build a global business. 

Southeast Asia counts in total 35 GGCs and, given the region’s economic dynamism, the community is growing rapidly. Among them, we proudly present Advanced Info Service, Bangchak Petroleum, Banpu, Central Pattana, Ch Karnchang, Krung Thai Bank, Mitr Phol Sugar Corp, Ratchaburi Electricity and Srithai Superware. 

To learn more about the Global Growth Companies and Summer Davos, please consult the following links:

www.weforum.org/community/global-growth-companies

www.weforum.org/events/annual-meeting-new-champions-2012

 

Submitted by Rodolfo Lara Torres, head of global growth companies, and Clara Chung, community manager and head of membership for Southeast Asia and Korea, World Economic Forum.