Openness key to growth: IBM chief

US technology giant IBM Corp’s CEO and chairman Samuel J Palmisano said on Tuesday that economic cost and profit potential are not the only detemining factors for work flow around the world. “The openness in any economy is a major force. In order to make work flow to you, to your nation, to your region, to your city — you must have an attractive business environment. Therefore openness is a vital element,” he said. He was speaking at a CEO forum organised by industry body CII. On the occasion, CII president designate, Sunil Bharti Mittal said, “It is very important for a corporate to connect with people and society to maintain sustainable growth.” Referring to SMEs, he said while large corporates manage to deal with the complex architecture of global integration, SMEs find it difficult.

Earlier in the day, Palmisano met Union communications and IT minister Dayanidhi Maran to discuss the company’s plans in India. IBM in June 2006, had announced an investment of $6 billion in next three years to set up R&D facilities and other expansion in India in June 2006.