Business, political leaders canvass cooperation at Davos amidst uncertainty

Global political and business leaders spoke of a world of uncertainty and said that there was nothing needed more today than greater cooperation among countries of the world to deal with it.

As the World Economic Forum 2015 opened in the Swiss town of Davos, Simonetta Sommaruga, the President of Switzerland and Chinese Premier, Li Keqiang spoke of a world in need of cooperation to deal with the challenges that confront it. The same message echoed at various sessions where business leaders gathered to brainstorm on specific economic and social issues that currently trouble the global economic climate.

Sommaruga said the new global context was one of uncertainty, challenging the political, business and economic world by asking if it was creating an economic environment where only high performance could succeed. Globalisation, she said, has a range of effects, adding, “So let us talk about the two sides.”

It was a dangerous mistake for the world to ignore the uncertainties that it face, she said, stressing that many business leaders have for so long avoided this question of what to do about the uncertainty that globalization has brought upon the world. She also said that policy leaders were not left out as they also have a responsibility to tackle the uncertainties through policies that adequately address the challenges that confront the world.

Chinese premier Li talked about the need for what he called new ‘penicillin’ to treat the new challenges that have emerged in the world.

Major economies, he said, were performing unevenly, but he stressed that the problem of the world cannot be solved with outdated solutions.

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“We should all work together to uphold peace and stability. China is opposed to terrorism in all its ramifications,” Premier Li said, adding that the people and countries of the world should all strive to live in harmony together.

He advised that there should be mutual respect among the peoples of the world, enjoining countries and leaders to promote free trade, while seizing the opportunity offered by technology to improve efficiency in the world.

Li addressed the fear being expressed over China’s stunted growth, stating that the moderation in growth by his country reflects the state of the world’s economy.

But he was quick to assure the world that regional and systemic financial crisis will not happen in China, and further assured that the country will continue to move in the direction of reform. “We need to properly use the hand of government and the hand of the market,” he said, signaling China’s continued push on strong government and application of market instruments to drive its economic policies.

Klaus Schwab, founder of the World Economic Forum, said while the forum remains one for public and private sector cooperation, there was a need to restore the trust of the people, in what many interpreted here to be the delivery on outcomes from the meetings.

“We have to show the world that we are trustworthy,” Schwab said, adding that, “We have to engage and ensure these meetings are at the beginning of renaissance of trust.”

At the opening were some of the leading lights of global business and economy. Jack Ma, founder of the humongous Ali Baba, which broke records last year when he took his company to the market in a historic Initial Public Offering (IPO) stole attention as he was greeted by a mammoth crowd in the hall, some of whom went to shake hands with him.

Nigerian businessmen, Aliko Dangote, Tony Elumelu, as well as the chief executive officers of United Bank for Africa Plc, Nigerian Stock Exchange, Oando Plc, Phillips Oduoza, Oscar Onyema and Wale Tinubu respectively, were active participants at yesterday’s sessions.

Phillip Isakpa