The objective of the article is to see whether there are similarities (convergences) between economic diplomacy (ED) and international business (IB) due to the tectonic changes in the world and changing international business interactions. On the basis of an evaluation of the changing international environment, the evolution of IB and economic diplomacy we establish that there are more convergences than differences between ED and IB, and that there is more complementarity than substitution. In spite of the blurring differences between the two complementary spheres, the needed priorities and competencies have a different weight in each case. The role of ED of shifting economic centres to Asia is substantially increasing and so are the soft competencies needed to master the cross-cultural differences. Hence, economic diplomats must become more managerial and IB managers more diplomatic in order to cope with the unpredictability and increasing risks in the world and IB. A different array of necessary competencies must also become important when selecting economic diplomats.
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