WEF meet starts amid fiscal woes staring at global economy
The six-day long World Economic Forum annual meet, which will see participation of over 100 Indian business and political honchos as well as global leaders, began in Davos today and fiscal woes in the world economy are expected to dominate discussions.business Updated: Jan 22, 2013 20:49 IST
The six-day long World Economic Forum annual meet, which will see participation of over 100 Indian business and political honchos as well as global leaders, began in Davos on Tuesday and fiscal woes in the world economy are expected to dominate discussions.
Rubbing shoulders with influential leaders and businessmen, the Indian delegation including Urban Development and Parliamentary Affairs Minister Kamal Nath and three other ministerial colleagues are expected to showcase India as an attractive investment destination especially in retail sector.
Besides, the persisting financial turmoil in the United States as well as debt-laden euro zone, recent developments in the African continent and ways to boost anaemic global growth are likely to be the key talking points at the meet.
German Chancellor Angela Merkel, British Prime Minister David Cameron and Russian Prime Minister Dmitry Medvedev, along with heads of World Bank, IMF and other global organisations as well as CEOs of many blue-chip firms would also be exchanging their views in this Swiss Alpine town.
Kamal Nath would be in the company of Commerce and Industry Anand Sharma, Heavy Industries and Public Enterprises Minister Praful Patel and Power Minister Jyotiraditya Scindia.
Billionaire industrialists Mukesh Ambani, Lakshmi Mittal as well as leading businessmen Anand Mahindra, Rahul Bajaj, Azim Premji and well known banker Chanda Kochhar would also be present.
After approving Swedish major IKEA's Rs 10,000 crore investment proposal, Anand Sharma on Monday had said the decision would "resonate not only in Davos but in the all major countries of the world".
The streets of Davos are full of huge banners put out by different countries like India, Russia, South Africa, Malaysia and Azerbaijan, presenting their investment potential.
This year is also seeing collective efforts being made about joint initiatives of India and Africa to harness their potential as global investment destinations through a 'IndiaAfrica' campaign.
'Resilent Dynamism' is the theme of this year's annual World Economic Forum (WEF) meeting.
Other key personalities expected at the meet include UN Secretary-General Ban Ki-moon, European Central Bank President Mario Draghi, OECD Secretary-General Angel Gurria, World Bank President Jim Yong Kim, IMF Managing Director Christine Lagarde, WTO Chief Pascal Lamy and American Senator John McCain.
The snow-laden resort town is to host more than 1,500 top leaders and thousands of others including spouses of rich and powerful, their accomplices, journalists, the organisers and support staff.
Anti-WEF protesters have also pitched their tents in the snowy ambience.
On the sidelines of WEF, which would be on till January 27, Indian ministers are expected to hold meeting with leaders from various countries, as also heads of numerous MNCs to apprise them of steps being taken by India to boost the nation's prospects as an attractive investment destination.
Meanwhile, Russia, which has the biggest presence at the meet, is looking to attract investments worth billions of dollars into the country.
This year's meet would be WEF's 43rd at Davos and would be co-chaired by Coca-Cola chief Muhtar Kent, Dow Chemical CEO Andrew Liveris, UBS Chairman Axel Weber, Embraer President Frederico Curado, Toshiba Chairman Atsutoshi Nishida, as also Transparency International's Huguette Labelle.