THE business community is still processing information and expert business advice passed on at the inaugural VeryGC Global Business Insights 2007 conference.

The Gold Coast itself became the boardroom as the corporate world converged, with delegates from Singapore, Hong Kong and Auckland joining local hommes des affaires during the forum.

The multinational event was headlined by a question and answer segment with Dr Alan Greenspan, live via satellite.

Dr Greenspan discussed key economic issues with a 1000-strong audience of Australian and international delegates and upcoming business practitioners. The former chairman of the US Federal Reserve was the keynote speaker and he inadvertently shook world markets when hints of a US recession were leaked from the closed satellite session.

Ricardo Semler, chief executive officer of Semco SA, discussed his views on how companies should function in today's variable global economy, the true value of the education system and the relevance of the Work Choices legislation in Australia.

Mr Semler told corporate Australia that although the discussion and debate on Work Choices was important, Work Choices legislation itself was irrelevant. The focus he said, should instead be on retaining talent to maximise the inherent competencies of Australia.

Mr Semler said it is important for countries such as Australia and Brazil to change their disposition and not follow American concepts or British history if Southern Hemisphere economies are to find true global strength.

Businesses need to undertake a modicum of risk and surrender control, he said.

"The greatest challenge for Australian businesses is to find something that they are good at," said Mr Semler.

"Australian businesses need to find their areas of excellence and grow their people. If not, they should retrench the workforce and start over."

Michael 'Kell' Ryan, of Ryanair, spoke to the audience about the increasing complexity of the tourism industry.

He said the key to its success is access and praised the efforts of low-cost carriers in Australia and Gold Coast Airport's recent expansion plans.

"Tourism is the business that defines the economy and the key to increasing both leisure and business tourism is increased access. The Gold Coast is doing an excellent job at this," he said.

"The success of today's event proves the credibility of Australia's Gold Coast as a force on the international business tourism stage. For a city like the Gold Coast to deliver on a strategy such as this, the answer is to work smarter and lead the industry in strategy and implementation.

"That is why our conference is aligned with pioneers and our content is concerned with leadership," he said.

Gold Coast Tourism chief executive officer Pavan Bhatia says the Gold Coast is committed to an ongoing VeryGC Global Business Insight conference following the success of the inaugural forum. He says planning for a 2008 event is under way.