The International Center for Promotion of Enterprises (ICPE) hosted its 4th Conference on Economic Diplomacy & Internationalisation on March 24, 2025. The online discussion brought together distinguished diplomats, economists, and experts to explore the evolving role of economic diplomacy in today’s interconnected yet increasingly fragmented global landscape.
The conference was chaired by Dr Anand Asthana, Professor of Economics and Finance at Centrum Católica Business School, Lima, Peru and former Director General of ICPE. He highlighted how economic diplomacy has transformed from “merely an adjunct to political diplomacy” to becoming “the cornerstone of international engagement” in recent years.
Ambassador Prabhu Dayal delivered the first speech on “Economic Diplomacy in International Relations”, where he defined economic diplomacy as “the strategic use of a country’s economic power and tools to achieve its foreign policy goals.” Ambassador Dayal illustrated his points with five practical examples of India’s successful economic diplomacy initiatives, including its vaccine diplomacy during the COVID-19 pandemic, advocacy for the African Union’s inclusion in the G20, the development of the India-Middle East-Europe Economic Corridor (IMEC), its strategic approach to Russian oil imports, and its diplomatic response to recent U.S. tariff policies.
The conference also featured insightful presentations from Mr Julius Sen of the London School of Economics on “Economic Statecraft in an Unstable World” which included a discussion on tariffs and Ambassador Dnyaneshwar Mulay on “Soft Power as an Input to Economic Diplomacy.”
An interactive discussion followed the presentations and explored various dimensions of modern economic diplomacy, including how smaller economies can leverage their comparative advantages in negotiations with larger partners, the effectiveness of different economic diplomacy instruments, the impact of digital transformation, and the role of economic diplomacy in addressing global challenges like climate change.
The conference concluded with a summary of discussions by Mr David Tavželj, Executive Manager of ICPE. The event underscored ICPE’s commitment to fostering dialogue on critical global economic issues and providing a platform for the exchange of innovative ideas and practical solutions in the realm of international economic relations. The proceedings of the conference will be published in the forthcoming issue of ICPE’s journal Public Enterprise due in June 2025.
