Davos 2024: Key Takeaways From 54th Annual Meeting Of WEF

The 54 Annual Meeting of the World Economic Forum (WEF) convened in Davos, Switzerland, against a tense geopolitical backdrop on the theme ‘Rebuilding Trust,’ emphasising the need for global cooperation and shared solutions in a world undergoing critical challenges like climate change, geopolitical issues and more. 

Regional conflicts persist in endangering international peace and stability and political division is progressively impacting other domains. Prominent representatives of the public and business sectors, along with specialists from civil society, were present in Davos to deliberate on strategies for addressing security emergencies, like the current state of affairs in the Middle East, while simultaneously reducing the structural forces of disintegration.

At WEF 2024, the Indian official delegation was led by Smriti Irani, Union Minister of Women and Child Development and Minority Affairs along with Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, Housing and Urban Affairs, Ashwini Vaishnaw, Union Minister of Railways, Communications, Electronics and IT, RK Singh, Secretary, DPIIT, Ministry of Commerce and Industry and other senior officers.

Along with approximately 300 ministers and other political leaders, around 60 heads of state and government also attended the summit; several of them delivered public addresses.

In his special address at WEF Ukrainian President Volodymyr Zelenskyy said the ongoing Russian aggression against Ukraine and called on countries around the world to support Ukraine's war efforts. “To bring peace closer, we need you in Ukraine to build, to reconstruct, to restore our lives. Each of you can be more successful with Ukraine.” He added, "We need you in Ukraine to build, to reconstruct and to restore our lives."

Anthony Blinken, the US Secretary of State, had a comprehensive discussion on the most difficult foreign policy issues facing the country today. Among the subjects of conversation were the war in Ukraine, the intensifying hostilities in the Middle East, and the impediments to trade in the Red Sea.

"I can't think of a time when there's been both a greater multiplicity and greater complexity of the challenges that we're dealing with," Blinken said. On Israel-Hamas Conflict he said, “Dehumanisation is the single largest issue that the world is facing today.” He said that Jewish, Palestinian Muslims and Palestinian Christian lives are equally important for the US. The Secretary of State further mentioned that many Palestinians still do not believe that an incident like 7 October (Hamas attacking Israel) has happened, it is an example of dehumanisation.

UN Secretary-general António Guterres urged nations to set aside their differences and work together to address common issues in a special address. Guterres specifically urged efforts to tackle climate change and progress the switch to clean energy. “We need to solve the Israel and Palestine question with the possibility of taking this problem and make it an opportunity for the two-state solution to be finally something credible and something that can mobilise the two communities to live together in harmony,” said Guterres.

One of the key takeaways from the forum meeting was the start of the “Global Good Alliance for Gender Equity and Equality” with the support and endorsement by WEF and the Government of India. The primary and stated objective of this new Alliance is to bring together global best practices, knowledge sharing and investments in the identified areas of women’s health, education, and enterprise. 

The alliance will be taking forward the commitments of the G20 leaders for the benefit of the larger global community as a follow-up to the activities of the engagement group and initiatives under the G20 framework, inter alia, the Business 20, Women 20 and G20 EMPOWER. 

About the alliance, Irani said, “On a street where money walks and politics talks, we were able to bring together the best of industry, enterprise and humanity in this grand Alliance.” She further spoke about India’s achievements including its spectacular inclusive growth story. The Alliance has garnered support from industry leaders, including Mastercard, Uber, Tata, TVS, Bayer, Godrej, Serum Institute of India, IMD Lausanne, and over 10,000 partners from the industry. Supported by the Bill and Melinda Gates Foundation, the alliance will be housed and anchored by the CII Centre for Women Leadership. 

The WEF has come on board as a ‘Network Partner’ and Invest India as an ‘Institutional Partner’.

Irani participated in eight sessions at the WEF, including, ‘Restoring Faith in the Global Systems’, ‘BRICS in Expansion’, ‘Can India Seize its Moment’, and ‘Country Strategy Dialogue on India. India’s array of four impressive and distinct centres - India Engagement Centre, Experience India Centre, India Investment Centre and We Lead Lounge, at WEF, continue to attract attention and showcase its vibrant and resilient economy.

“In the age of digital democracy, India has emerged as a torchbearer for transformative innovation. The country’s e-governance ecosystem is unparalleled, especially at the pace and scale of rollout,” Irani said. “Platforms like MyGov invite citizens to engage digitally and actively contribute to shaping policy. The budget will reflect these inputs from our diverse populace. India is a stage for the world's largest democratic elections with 945 million eligible voters, 94 per cent biometrically authorised and an impressive 70 per cent actively participating. We leverage electronic systems and social media to better inform our citizens,” she added. 

The minister also held meetings with the leadership of Uber, and the Federal Minister of the European Union and others.

Hardeep Singh Puri, Minister of Petroleum and Natural Gas met leaders from energy corporations such as SOCAR, Shell, Equinor, Honeywell, Occidental, OMV AG, Petronas, Trafigura, BP, Hewlett Packard Enterprise, SAP SE, and Engie. The discussions encompassed critical topics such as the need for greater digitization of the energy industry, the fast-growing biofuels sector, the development of energy infrastructure, and increased exploration and production. 

The minister shared details of the proactive and investor-friendly policy reforms adopted by India to facilitate investments in the energy sector and ensure affordable and sustainable energy for the nation. Puri met the Senior Adviser to the Managing Board of Bahrain Economic Development Board and discussed opportunities to enhance bilateral hydrocarbon trade and investment.

Reflecting on the price of petrol and diesel in India, Puri said, “India is the only country apart from Japan where prices of petrol and diesel at bunk came down over (a) two-year period.”

Ashwini Vaishnaw, Minister of Railways, Communications, Electronics and IT, participated in a panel discussion where he highlighted measures by the Government of India to promote infrastructure creation. 

He said that India's growth strategy rested on four pillars – commitment to robust investment in public infrastructure; an unwavering focus on uplifting the disadvantaged segments of society; a strategic emphasis on manufacturing; and a dedicated pursuit of simplifying processes and regulations.