Political and corporate leaders from around the world were gradually getting into the business of talking at the snow-clad tiny Swiss resort on the first day of the World Economic Forum in Davos on Monday. A slowing economy, pressing and flaring geopolitical tensions, and the impact of the wars in West Asia and Ukraine, never-ending climate woes, and the role of artificial intelligence will be keeping the honchos busy through the week.
‘Rebuilding Trust’ is the overarching theme of this year’s summit when the world is pulling towards different directions.
A diverse assembly of around 3,000 leaders from across the world and businesses started arriving for the annual gala, and notable among them are Ukrainian President Volodymyr Zelensky, Israeli President Isaac Herzog, French President Emmanuel Macron, Chinese Premier Li Qiang, Argentina’s new President Javier Milei, US Secretary of State Antony Blinken, and the prime ministers of South Korea, Qatar, Jordan and Lebanon, among others.
Opening concert
Though major discussions and meetings will begin only today, Monday evening saw the Forum officially opening with a concert featuring Sahara Desert and Amazon rainforest depicting the concerns over climate change with an AI driven immersive experience. Also, the opening ceremony saw annual Crystal Awards being presented to architect Diebedo Francis Kere, actor Michelle Yeoh and guitarist Nile Rodgers for their contributions for a better world.
The opening day also saw several surveys on business sentiments and directions for the year getting published. A PricewaterhouseCoopers Global CEO Survey found that almost half of global CEOs seeing their business models won’t be viable within a decade due to the pace of technological advances such as AI and climate pressures.
In another survey by Accenture’s ‘Pulse of Change: 2024 Index’, business leaders said they faced an all-time-high rate of change in 2023 and now expect it to accelerate further in 2024. The survey in India says that the rapid pace of change holds continued potential and 76% of leaders in India see change as an opportunity, and 63% expect revenue growth to accelerate in 2024.
India at the summit
India’s 100-member delegation is led by Smriti Irani, minister for women and child development. Speaking after inaugurating the Women Leadership or WeLead Lounge on the sidelines of the Forum, Irani said the Indian government has ensured women-led development in the country through its various schemes.
At the event, housing and petroleum minister Hardeep Singh Puri said that India has moved to a women-centric development model and this development model works very favourably for GDP. “We started with women-centric development, but now we have moved to women-led development,” Puri said.
Big names of India Inc are also descending as the meetings getting warmed up for the week. Several chief ministers are also reaching the venue for the summit.
About a dozen Indian lounges have dominated the main Promenade including WeLead Lounge showcasing women leadership, India Engagement Centre, pavilions by Maharashtra, Tamil Nadu, Telangana and Karnataka, and IT majors such as Wipro, Infosys, TCS and HCL Tech showcasing power of AI and technology.
The Indian flavour
And this time, in addition to Indian tea, coffee, ‘samosas’ and ‘kachoris’, there will also be Indian liquor flying off the shelves during ‘Spirit of India Hour’ on two evenings at a few bars, restaurants and lounges.
The Confederation of Indian Industry (CII) on Monday launched the CII India Business Hub to facilitate discussions on the growth of the Indian economy with a theme of ‘Credible India’ to showcase India’s economic achievements and its future potential as a significant contributor to global growth. CII has also initiated the ‘Spirit of India Hour’ which would take place at four locations to showcase Indian wine and spirits.
Today in Davos
Major discussions and meetings begin today that include back-to-back addresses by Chinese Premier Li Qiang, European Commission President Ursula von der Leyen, and US national security adviser Jake Sullivan. Several business interactions on various subjects are also lined up for the day.
With inputs from agencies
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Published: 16 Jan 2024, 09:20 AM IST
Ananya Das is your guide to the latest trends, viral sensations, and internet phenomena. Based on a keen understanding of digital culture, Sophie navigates the ever-evolving landscape of trending topics. With an insightful and engaging approach, she explores what’s buzzing across social media platforms, ensuring readers stay in the loop with the most talked-about and shareable content online.
