International leaders gather for Word Economic Forum virtual summit this week

Packaged as a force for positive change that will bring about a more fair and equitable global community, the World Economic Forum is a body that often divides opinion.

This year marks 50 years since Klaus Schwab invited the European business elite to the small Swiss village of Davos for the first of what would snowball into the biggest congregation of decision-makers ever assembled. Due to the global health panic, the Forum is hosting their annual summit virtually, running from 25 to 29 January.

The Forum promotes relationships between the largest and most influential corporate and developmental entities on the planet, with no major role player excluded. ‘Partnerships’ are broken into six main categories that match the entity’s sphere of influence and greater long-term goals, giving them a chance to engage in industry-specific ‘platforms’ that allow them to tailor their specific actions.

Each level of partnership allows for the entity to engage in a corresponding amount of platforms, with ‘Strategic Partnership’, ‘Strategic Partner Associate’ and ‘Partnership’ engaging in five, four and three platforms respectively. ‘Associate Partners’ get access to one platform while ‘Global Innovators’ and ‘New Champions’ are recognised as promising start-ups and next generation leaders.

The attendees and members of the Forum are the leaders in employment and growth around the world and thus have immense influence. Representing South Africa are 11 of our biggest brands that South Africans come into contact with daily. Discovery, FirstRand and Nedbank enjoy Associate Partner status while ABSA is the nation’s only Strategic Partner Associate representatives.

AngloGold Ashanti, Investec, MTN, Old Mutual, Standard Bank and state-owned enterprise Development Bank of South Africa are all at the Partnership level, while African Rainbow Minerals, founded by Patrice Motsepe, hold the highly influential Strategic Partner status which they share with The Bill and Melinda Gates Foundation, Google, AstraZeneca, Pfizer and many more global giants.

All South African entities listed above have been approached with questions on their involvement in the Forum and the virtual summit, dubbed ‘The Davos Agenda’, with none forthcoming just yet. A comprehensive list of all the partners and the various platforms are detailed at weforum.org/platforms.

Schwab, now 82 and still Executive Chairman of the World Economic Forum, led the week’s proceedings, and his first special address on Monday was shared with President of the People’s Republic of China, Xi Xinping. Our very own President Cyril Ramaphosa graced the programme on Tuesday morning with the entire week’s schedule available to view for free on weforum.org.