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African Business, June, 2008

The World Economic Forum Annual Meeting 2008 last January closed with a call by business, government and civil society leaders for a new brand of collaborative and innovative leadership to address the challenges of globalisation, particularly the pressing problems of conflict, terrorism, climate change and water conservation. "Globalisation is forcing changes in how people collaborate in a fundamental way," said former British PM Tony Blair, a member of the Foundation Board of the World Economic Forum and one of the co-chairs of the Annual Meeting 2008, at the closing plenary session.

"You need stronger and stronger collaborative political leadership," Blair concluded, saying "if we are interconnected and the world is interconnected, the only way for the world to work is to have a set of common values. We have no option but to work together."

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Other panellists agreed, arguing that the biggest challenge for the world is to determine the values that underpin globalisation. "Globalisation is not going to go away--the question is what kind of globalisation do we have," said Daniel Yergin, chairman of Cambridge Energy Research Associates. According to Indra K. Nooyi, chairman and chief executive of PepsiCo and an Annual Meeting co-chair, said companies today have to be engaged in society, particularly on environmental issues; it is critical to running a business.

This is true even in emerging economies, according to co-chair, K V Kamath, chief executive of India's ICICI Bank. More and more companies are living up to their environmental responsibilities, particularly in developing affordable, yet eco-friendly products and services. "That's the only way. There's a new path, and that path needs to be explored."

Panellists also expressed the hope that a resolution to the Israeli-Palestinian conflict would be reached by the end of this year. "I am confident that we will have a resolution this year," said Nobel Peace Prize laureate Elie Wiesel, who is professor in the humanities at Boston University in the US. "This is a 60-year-old war; both sides are tired. Enough funerals, enough tears, enough sorrow."

Fellow Annual Meeting co-chair, Wang Jianzhou, chairman and chief executive of China Mobile Communications Corporation, called on participants to embrace the ideals expressed by the motto of the 2008 Olympic Games to be held in Beijing: "One world, one dream."

Said Wang: "All countries, industries and companies should contribute to a peaceful and harmonious world.

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"We have tremendous challenges ahead," said Klaus Schwab, founder and executive chairman of the World Economic Forum, summing up the Annual Meeting 2008. "The mood was moderately optimistic because we have many, many opportunities ahead."

Concluded Schwab: "The Davos Man and Woman are aware of all the challenges and, in a pragmatic way, they do what they can to mitigate the risks and address the challenges. They also see the opportunities in the world. But if we don't address the challenges, even the greatest opportunities will not be enough to guarantee the future of humankind."

Among the key announcements and achievements that emerged from the Annual Meeting 2008 are the following:

British Prime Minister Gordon Brown, Microsoft Chairman Bill Gates, Irish musician Bono, H.M. Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan, United Nations Secretary-General Ban Ki-Moon, World Economic Forum Founder and Executive Chairman Klaus Schwab, Nigerian President Umaru Musa Yar'Adua, and Cisco Systems Chief Executive Officer John T. Chambers issued a joint statement vowing to make 2008 a turning point in the fight against poverty. (See p50)

The world is facing a "development emergency", they said, pledging to "work together to help the world get back on track to meet the Millennium Development Goals".

Japanese prime minister, Yasuo Fukuda, unveiled a five-year, $10bn fund to support efforts in developing countries to combat global warming--a move to ensure that top priority is given to climate change at this year's G8 Summit in Hokkaido. In addition, Japan aims to create a new multilateral fund with the US and the UK to mitigate changes in the earth's climate as a result of global warming.

The Bill & Melinda Gates Foundation announced a $306m package of agricultural development grants "designed to boost the yields and incomes of millions of small farmers in Africa and other parts of the developing world so they can lift themselves and their families out of hunger and poverty".

The World Economic Forum launched a landmark report on the interfaith dialogue between Muslim and Western societies. Islam and the West: Annual Report on the State of Dialogue was the result of in-depth research and polling in more than 40 countries. The report is intended to be an annual global reference on the state of dialogue among faiths that will elevate the visibility of dialogue around the world and strengthen efforts to advance greater understanding.