The Business and Industry Policy Forum explored how the global restructuring strategies being pursued by firms have changed over time, the challenges that firms face in developing and implementing such strategies, and the principal policy issues that governments need to address to improve and strengthen the environment in which the restructuring takes place. Such restructuring intensified during the 1990s, driven by a series of economic and technological developments that encouraged firms to enhance their competitiveness through global tie-ups. Cross-border mergers and acquisitions (M&As) and international strategic alliances are now dominating the internationalisation of industry, supported by dynamic growth in electronic commerce. The global restructuring has generally tended to boost firm efficiency and has helped to spur innovation by facilitating the diffusion of technology, production methods, and managerial and marketing expertise.