Businesses Crucial For Sustainability
A Transcript of Richard Quest’s Chat with Dr. Ngozi Okonjo-Iweala

Dr. Ngozi Okonjo-Iweala: The sustainable development goals, which were adopted by global leaders a week ago at the UN to underpin the world development going forward until 2030, are so critical that if businesses are not involved all over the world to deliver these goals, we would never get there.

Richard Quest: As I look at those goals, when we are talking about, particularly the sustainable goal number 17; one that talks about economic growth, sustainability and corporate involvement. How are you convincing incorporations? What will your role be?

Dr. Ngozi Okonjo-Iweala: I think the role of this team of top businesses that Richard Brandson put together is really to try and get a business plan that brings a convincing case to businesses. That this is good for them, good for the world and good for eradication of poverty and for sustainability and fight for climate change.

Richard Quest: Is it not difficult to convince people when you go to emerging markets, and you know that better than anybody now. The emerging market is facing the worst problems they’ve had, since maybe 1998.

Dr. Ngozi Okonjo-Iweala: Well, that is true. But by the same token, it is often when things are very difficult, you know in terms of your economic environment that you are able to make the types of decisions that are needed for sustainability of development. So, this is actually a good time.

Richard Quest: How worried are you about emerging market? Now you’ve just come out of office, so you know how bad things are?

Dr. Ngozi Okonjo-Iweala: Well, Richard, I’m worried, but not that worried. I mean, we’ve had these business cycle before. When you know commodities plunge, countries go through a down cycle, and they come up again. But of course this time, we’ve got the issue with China; we’ve got the issue with possible interest rate increases by the Fed. We’ve got the over-supply of some products, commodities on the market. So we have all these things. Nevertheless, I think emerging markets have really learned their lessons. Many of them have enough reserves to cushion them over this period of time.

Richard Quest: If they did the good work of re-structuring, and what Christene Lagarde was saying at the press conference and what the president of the World Bank is going to say, that the window for emerging markets has closed or is narrowing?

Dr. Ngozi Okonjo-Iweala: Well, I strongly agree with them that what we need to focus on now is the re-structuring needed to truly diversify these emerging markets and strengthen them. And we have to act quickly. I am not sure about the window closing but I know that if we don’t act, we would not be able to withstand the next set of blows.