Davos World Economic Forum kicks off

www.upi.com From the Business & Economics Desk Published 1/23/2003 7:30 PM View printer-friendly version

WASHINGTON, Jan. 23 (UPI) -- The elite World Economic Forum Thursday kicked off its five-day meeting in Davos, Switzerland, attended by over 2,000 world business, economic and political leaders.

This famous forum returns to its traditional home in Davos this year, having held its annual meeting in New York City last year as a show of respect and solidarity with that city after the devastating terror attacks of Sept. 11, 2001.

Over the course of three decades, the Davos economic forum's annual meeting has become one of the world's foremost gathering of leaders from business, government, international organizations, academia, civil society and the media, with the gathering gaining particular acclaim during the Clinton era.

While still considered a key meeting of the world's elite, the glamour and overall attendance of the globe's powerful and famous has slightly declined.

But the event still holds much of its allure, with attendees this year including everyone from Microsoft founder Bill Gates, U.S. Secretary of State Colin Powell, Brazil's recently elected president -- Workers' Party leader Luiz Inacio Lula da Silva -- and former U.S. President Bill Clinton.

The theme of this year's meeting is "Building Trust."

The 33rd annual meeting of the forum takes place during what event planners called "an extraordinary climate of global uncertainty and complexity."

"The past year witnessed the breakdown of trust in many sectors of society. Restoring confidence in the future is one of the most important leadership challenges today," event promotional materials said.

Planners hope that the 2003 meeting of the forum will be a rallying point for the international community to debate on five main themes: business, economics, geopolitics, global governance and values.

At the opening session, economists cautioned about the state of the world economy, noting that economic growth is stalled in many of the world's largest economies.

Gail Fosler, the chief economist for the influential U.S.-based Business Council, warned of the of the wild card economic effects a war in the Gulf would have on investor and consumer confidence, around the world.

Over the course of the five-day meeting, over 2,150 participants from 99 countries will gather at the Swiss ski-resort of Davos.

According to event planners, over one-fourth of attendees -- about 500 -- will come from developing countries.

Slightly more than 60 percent of attendees are business leaders, who are represent nearly 1,000 of the top revenue-producing companies around the world and across economic sectors.

Other major categories of participants include: 239 public figures, including 29 heads of state or government, 81 cabinet ministers, 46 ambassadors, 62 heads or senior officials of international organizations, 264 media and "opinion" leaders, 71 heads of non-governmental organizations, 14 union leaders, 37 religious leaders of different faiths and 172 persons from academic institutions and think tanks.

This year's attendance is down from a high of over 3,000 two years ago.

Event organizers declined to give an exact list of participant names. Also, media access was tightly controlled with only around 250 correspondents being given credentials to cover the forum.

The Swiss government is spending around $10 million on security for the Davos forum, with thousands of police and military being deployed to guard the event. In addition, the airspace over Davos will be closed for the next five days.