COVID-19 and the Changing Perception of Strategic Industries

This chapter analyzes the influences and implications of ongoing global pandemic caused by COVID-19 on strategic industries. We offer a conceptual overview of the role of strategic industries and how their role and perceptions change during the time of crises. This is followed by specific discussion on COVID-19, and how it has influenced perception of strategic industries globally. The chapter specifically offers practical examples from industries like agriculture, healthcare equipment manufacturing and pharmaceutical sectors, along with others, in relation to the COVID-19 crisis. We also bring into the discussion of increased restrictiveness and sentiments of nationalism being pushed globally in strategic industries by the governments. We further link this discussion with their potential influences on the operations of firms operating internationally (particularly multinational enterprises and their global value chains). Finally, the chapter draws out key theoretical and practical implications specific to international business scholarship.