Victor Restis Offers Interesting Insights to Global Supply Chains
I have never been more convinced that we need to diversify global supply chains to prevent any future disruptions that we almost experienced during the COVID-19 pandemic. In this article, Victor Restis, an international shipping magnate and president of Enterprises Shipping & Trade, points out the vulnerabilities that supply chains experienced in the face of COVID-19.
Thankfully, there wasn’t enough of a disruption to cause mass panic in cities around the world but enough of one for industry executives and leaders to start thinking about diversification. I tend to agree with this. It seems that the world’s top resources are behind the borders of only a few nations, and that is a bit unnerving. Not only for crisis events like COVID, but how does this play out in politics, trade wars, and other unforeseen policy issues.
Mr. Restis noted that leaders around the world are likely thinking about the same things. Each world leader is undoubtedly rethinking the manufacturing of critical items so that the distribution of lifesaving products or equipment can be more easily distributed to help its citizens. That is the primary function of government, to help and protect its citizens. The article also points out the potential surge to a nation’s GDP and economies.
My hats off to U.S. companies like GM and Ford, who sprang into action to manufacture lifesaving equipment to shore up dwindling inventory. This happened in World War II as well when car manufacturers were shifting focus from automobiles to tanks and other military equipment. This is a perfect example of how companies can further diversify its manufacturing within the borders it operates and makes a case for companies to return home and release the greed to make a few dollars more by moving to manufacture overseas. I understand the point that it helps foreign economies. Still, other nations need to stop looking to attract international companies and invest in the businesses and people within their borders. It is my opinion that this would provide strength, safety, and stability for many nations who found themselves struggling to provide for their citizens during COVID.
Thankfully, we didn’t experience a supply chain crisis, but I certainly do not want to risk any disruptions in the future. To me, it seems like the world is changing at lightning speed, and it is just a matter of time that we are tested once again with another dangerous worldwide event.