Davos 2025: World Economic Forum marks 54 years with a bold vision for the future

On January 24, 1971, the World Economic Forum (WEF) was founded by German economist and professor Klaus Schwab as the 'European Management Forum.' Fifty-four years later, India’s largest-ever delegation—comprising five Union ministers, three chief ministers, state ministers, and nearly 100 business leaders—has gathered in Davos, Switzerland, to participate in the forum's storied legacy, which runs until January 24.

Davos 2025 will welcome nearly 3,000 leaders from over 130 countries, including 350 governmental representatives, 60 heads of state, and over 1,600 business leaders, among them more than 900 CEOs. Additionally, about 120 Global Innovators, Tech Pioneers, and Unicorns will take part in the event.

India’s Delegation

The Indian contingent is led by Union Minister Ashwini Vaishnaw, who oversees Railways, Information & Broadcasting, and Electronics & Information Technology. Accompanying him are Cabinet colleagues, including C R Paatil, Minister of Jal Shakti; Chirag Paswan, Minister of Food Processing Industries; Jayant Chaudhary, Minister of Skill Development and Entrepreneurship (Independent Charge); and K Ram Mohan Naidu, Minister of Civil Aviation. Chief Ministers Devendra Fadnavis (Maharashtra), N. Chandrababu Naidu (Andhra Pradesh), and A. Revanth Reddy (Telangana) are also in attendance, along with numerous state officials and leading Indian corporate figures, primarily to attract investments into India.

A Five-Decade Legacy

Davos 2025 marks a pivotal moment for WEF as it transitions leadership. Since its inception in 1971, Klaus Schwab has served as chairman. However, in May 2024, WEF announced Schwab’s transition to Chairman of the Board of Trustees, with his successor to be revealed within four days of the forum’s commencement.

In the early 1970s, amidst the Cold War, the Vietnam War, and an impending oil crisis, Schwab founded the European Management Forum to promote best business management practices and stakeholder capitalism. The inaugural conference in Davos in February 1971 hosted 450 participants from 31 countries, laying the foundation for what would become the world’s leading platform for business and policy discussions.

Milestones in Transformation

WEF’s influence grew as it addressed global crises and fostered collaboration:

1973: WEF became instrumental during the global oil crisis.

1987: The organisation was renamed the World Economic Forum, shifting focus to global political and economic issues.

1988: The ‘Davos Declaration’ helped avert a conflict between Greece and Turkey.

2000: WEF launched the ‘Global Impact’ initiative to promote corporate responsibility.

2008-09: During the financial crisis, deliberations centered on recovery strategies.

2020: The COVID-19 pandemic prompted the ‘Reset’ initiative to reimagine global systems.

Davos 2025 Theme: ‘Collaboration for the Intelligent Age’

This year’s annual meeting focuses on addressing key global challenges, including geopolitical shocks, economic growth, and the energy transition. The forum’s discussions are organised under five key areas:

1. Reimagining Growth: Identifying new sources of economic growth to build resilient economies.

2. Industries in the Intelligent Age: Balancing short-term goals and long-term transformation amidst technological and geopolitical shifts.

3. Investing in People: Adapting to changes in employment, skills, and public services to foster a modern society.

4. Safeguarding the Planet: Accelerating climate action through innovative partnerships, financing, and clean technology.

5. Rebuilding Trust: Addressing societal divides and promoting global collaboration in an era of protectionism and multipolar geopolitics.