DP World sees higher costs with trade partners losing trust

DP World said global businesses are grappling with surging costs in a more turbulent world where there’s a lack of trust among trading partners.

The era during which trading barriers were dropped and there was a free flow of goods is over, said Yuvraj Narayan, chief executive officer of the port giant, pushing companies to look at alternatives to ensure business continuity.

“This is reality — trust was broken,” he said at the Bloomberg New Economy Forum in New Delhi. “So where I could have invested a billion dollars in supply chains in the era which has just ended, I am now going to look at investing almost double. That’s the cost of redundancy.”

The issue of trust emerged as a key theme in his panel, “The Self-Sufficiency Scramble,” which included ministers from Singapore, India and Canada.

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