What Happens At The World Economic Forum in Davos? What’s The Agenda In 2025? Explained - News18
Maharashtra Chief Minister Devendra Fadnavis and JSW Group Chairman Sajjan Jindal during the signing of an MoU for an investment of Rs 3 lakh crore in the state, on the sidelines of the World Economic Forum, in Davos, Switzerland. (Photo: PTI)
The World Economic Forum (WEF) began in Davos, Switzerland, on January 20, with delegation from across the world including European Commission President Ursula von der Leyen, China’s Vice Premier Ding Xuexiang, and others attending the annual meeting.
Union minister Ashwini Vaishnaw is heading the Indian delegation that includes Maharashtra chief minister Devendra Fadnavis, Andhra Pradesh chief minister Chandrababu Naidu and Telangana chief minister Revanth Reddy.
German professor Klaus Schwab, a mechanical engineering graduate, founded the forum. He then went on to pursue a Master of Public Administration degree from the John F. Kennedy School of Government at Harvard University.
From 1972 to 2003, Schwab was a professor of business policy at the University of Geneva. He founded WEF in 1971, originally known as the European Management Forum. It introduced the concept of “stakeholder capitalism." According to Schwab, “It is a form of capitalism in which companies do not only optimize short-term profits for shareholders, but seek long term value creation, by taking into account the needs of all their stakeholders, and society at large."
The WEF is funded by its own membership, which includes industry leaders and individuals from all walks of life. In addition, many celebrities, journalists, and interested individuals are willing to pay steep annual dues and meeting fees to attend.
New issues, trends, and organizations and public for discussion are introduced at WEF. They are commonly believed to influence corporate and public sector decision-making. The WEF organisation has several ongoing projects aimed at addressing specific global concerns, including climate change, the fourth industrial revolution, and global security. It works with its international partners to bring about positive change in these areas.
The World Economic Forum has no power to make decisions, but it may have considerable ability to influence political and business policy decisions.
Last year, the major themes at the event were Artificial Intelligence, geopolitical uncertainties, climate change and the slowing pace of China’s economic growth.
Events in 1973, namely the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-Israeli War, saw the Annual Meeting expand its focus from management to economic and social issues.
Two years later, WEF introduced a system of membership for ‘the 1,000 leading companies of the world’. The European Management Forum was the first non-governmental institution to initiate a partnership with China’s economic development commissions in 1979, when China and the US established diplomatic ties.
In 1992, South African President de Klerk met Nelson Mandela and Zulu prince Mangosuthu Buthelezi at the Annual Meeting, their first joint appearance outside South Africa and a milestone in the country’s political transition.
In 1998, participants emphasised the need to include major developing countries in the process. One idea was to set up a body to include 20 countries – half developed economies and the other developing ones. Such a meeting of what became known as the G20 was held in Bonn, Germany, later that year. Participation was restricted to finance ministers and its scope was limited to global finance.
The WEF Annual Meeting 2025 is set to host 26 live sessions under the theme of “safeguarding the planet". These range from looking at carbon pricing and nature markets to changes in the weather and COP30.
More than 30 planned talks at the annual meeting fall under the theme of “industries in the intelligent age" with more than 120 speakers.
With more than 180 names on the agenda and 45 sessions planned, “investing in people" is a topic with a lot to bring at Davos 2025.
The topic of “rebuilding trust" aims to explore how stakeholders can find new ways to collaborate on solutions both internationally and within societies.
Maharashtra signed Memorandums of Understanding (MoUs) worth Rs 4.99 lakh crore. These investments are expected to generate 92,235 jobs. Among these, the most significant MoU, worth Rs 3 lakh crore, was signed with JSW Group for investments in steel, renewable energy, infrastructure, cement, lithium-ion batteries, solar wafers, and cell modules.
Former RBI Governor Raghuram Rajan on Tuesday lauded the Modi government for doing a lot of good work on the infrastructure front in India and hoped there would be some concrete steps in the upcoming Budget to boost the job market. He ruled out any immediate possibility of a common currency for BRICS.
Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6%-7% interest rate, its Finance Minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country looks for more financing.
US billionaire Elon Musk called the chancellor of Germany “Oaf Schitz" on his social media platform X, responding to a video of the leader’s comments on free speech at the World Economic Forum in Davos.
Chancellor Olaf Scholz criticised Elon Musk’s support for “extreme-right positions" after the tech mogul backed Germany’s far-right AfD party and sparked criticism with a gesture some likened to a Nazi salute.
Ukraine is working to set up a meeting between President Volodymyr Zelenskyy and US President Donald Trump, Zelenskyy said, after giving a speech calling on European leaders to do more to defend the continent.
Swipe Left For Next Video
Portugal plans to increase purchases of liquefied natural gas (LNG) from the United States and Nigeria as it aims to end already dwindling supplies from Russia, Environment Minister Maria da Graca Carvalho said.
Greenpeace activists evaded the World Economic Forum’s tight security checks on Tuesday, staging a brief climate change protest outside the main hall of the annual meeting in Davos.
Trump News Live | Trump At World Economic Forum LIVE | Davos WEF 2025 Live | News18 Live | N18G
Comments
0 comment