Foreign business partners can present opportunities, and risks. When it comes to stamping out corruption, training pays.
In today’s global marketplace, engaging foreign business partners can be an essential component of maximizing business opportunities. Partnerships can offer lower-cost labor, regional insights and connections — and in some cases are legally required for doing business in a country. However, these partners can also present risks, particularly when it comes to corruption.
It is a problem that undermines the functioning of the free market and hinders economic development where it is most needed, says Leslie Benton, vice president of advocacy and stakeholder engagement at the Center for Responsible Enterprise and Trade (CREATe.org).