 Bismillah al-Rahman al-Raheem and Islamic in Pakistan, welcome back to corporate governance. We have been talking about the various global factors, the universalization of corporate governance and also its various premiums, the destination, the pathway, the investor behavior and the investor mindset and the investor decision making. And we also saw that how the investor is looking at premium but without compromising on governance without compromising on merit-based decision making and without compromising on the process of achieving the targeted profits. So today we are going to move forward and talk about globalization in corporate governance and how it is affecting corporate governance on a national and on an international level. Now the experience of globalization represents a profound reconfiguration of the world's economy compared to earlier periods of internationalization. An international economy links distinct national markets. A global economy fuses national markets into a coherent world. So again there is a difference between internationalization and globalization. Internationalization has been taking place since the 19th century when cross-border trading started when due to the emergence of the industrial revolution we see that things produced in one country or in one region would be going to the other and there were huge profits which were generated through that internationalization. However, when we are talking about globalization then what we see is that in an international economy different markets are linked together but in a global economy it tends to fuse national markets into a coherent world and that means it makes it one. So it could be that in one country let's say if we pick up a vehicle or an automobile then in one country the tires would be produced, in the other one the axles would be produced, in the third one the engines would be produced, in another one the interior and the other accessories would be produced and it would be totally put together in another country and then sold across the whole world. So that would be a coherent whole because there is a great need to integrate everything and now we're even talking about zero inventories. So what are those zero inventories that supply chain management has done in such a precise way that everything clicks together and you have to have zero inventory or zero stocks and that again is done through the fusion of national markets into a coherent whole and that requires a lot of technology, a lot of perfection and also international standards working together within the different organizations in different countries so that there is a better understanding and coherence and synergy which is created between these different national markets for a global impact. The growth of foreign direct investment exceeded the growth in national and global trade and that is what we see that FDI is a major indicator of how an economy is growing and the more FDI coming in the better results which basically emerge and the stronger the economy basically becomes. The evolving pattern of these industrial and investment processes of globalization became increasingly apparent. So again this whole process of industrialization and the investment was directly proportional to each other and we see that it has become very apparent and also has also become something which is the need of the R and without that it would not be possible to do business in the right way. Globalization of industry also refers to an evolving pattern of cross-border activities of firms. Now what do they involve? Number one international investment or foreign direct investment trade taking place freely between different countries and different regions collaboration for purposes of product development. So again there might be an American company but the product is being developed in Pakistan so we see virtual offices and also again the outsourcing of different activities production and sourcing and that sourcing basically is how is it that you use similar platforms to each other? There are large companies now which use similar platforms basically to ensure that there is a cut down of cost and they can become more efficient and more effective and that ensures that their products are better and more cheaper priced and then how do we do the marketing and marketing again is not only now limited to what we call billboards or to electronic media but more so the social media and the virtual media and then the reviews and comments which are coming in how that being generated and how that is being catalyzed for the betterment of the company and how is it that we use market influencers and social media influencers and all of that put together comes up with a marketing package. So all of these new paradigms and all of these new dimensions and dynamics are changing the globalization of corporate governance and again the organization for economic cooperation and development basically states that international investment trade collaboration production and sourcing and marketing are the key to success for a globalization of corporate governance so that is extremely important to keep in mind. Globalization has reduced the sense of isolation felt in much of the developing world. It has given many people in the developing countries access to knowledge well beyond the reach of even the wealthiest in any country so again there's this free flow of knowledge. We basically live in a palmized world. The smartphone has access to the whole universe so that information is freely available. You just google or you just search and you find out what is happening. What is the competition? What are the comparisons? What are the best costs? Where's the best sourcing? All of that is available so therefore isolation has now come to an end. There is no isolated place anywhere. You could be a poor country, you could be a developing country, you could be a developed country but now there is a level playing field and those nations who would have better systems and better frameworks and better platforms they have more potential of moving ahead and again the difference between the wealthiest and the poorest has also diminished because of free access to information. We live in a knowledge based economy. We live in knowledge based institutions. We basically promote knowledge systems and processes which are run by knowledge individuals having knowledge based laws called intellectual property generating intellectual capital and also churning the economy forward and creating a competitiveness and value addition which is not found anywhere else. So all of this is basically a consequence of globalization. Those who vilify globalization often overlook its benefits. Globalization is progress for some but unfortunately there is also a backlash whereby some communities are fighting poverty and that is because the rich are becoming richer also and we basically see Elon Musk crossing 250 billion. We see that in COVID there have been more billionaires generated but on the other hand poverty is also increased. So this misdemeanor or this distortion of economics or of wealth and poverty is something which also is emerging through globalization and it is very important that through better corporate governance this is also addressed more effectively and in the best possible way. The ILO basically says the current process of globalization is generating unbalanced outcomes. Wealth is being created but too many countries and people are not sharing its benefits. Some countries have little or no voice in shaping the process. So what we see is that we have powerhouses like the United States. We have powerhouses like the European Union. We have powerhouses like BRICS, Brazil, Russia, India, China and South Africa. We have powerhouses like the ASEAN region. So these powerhouses basically are tending to overwhelm nations and developing countries and that can have its own adverse effects. So therefore there is a need to balance things out and to ensure that the greater benefit of people, the greater benefit of economies is catered to rather than creating a cutthroat competition in which whole countries can be blocked out and could suffer and that would create a dissonance within the global system which would have long-term negative repercussions and that is again something that we have to look at and ensure through standardization, through internationalization, to globalization and also better balanced approach, policies, strategies and laws which would divide the wealth that is generated amongst the different startups of society. Thank you so much.