The Iconic World Economic Forum in Davos January 15th to 19th, 2024 – About, Review
In 2024, representatives from Boosty Labs participated in the World Economic Forum (WEF) held in Davos, Switzerland from January 15th to 19th, 2024.
Typically, Davos is simply known as a popular ski resort in eastern Switzerland, attracting visitors throughout the year. However, for one week in January, this quaint Alpine town becomes a magnet for the global elite, as it hosts the annual meeting of the World Economic Forum (WEF).
The Davos Forum is an annual gathering of political and business leaders organized by the World Economic Forum. In addition to hosting this event, the WEF also implements a range of international economic programs aimed at tackling unemployment, increasing investments in developing countries, and promoting financial sector innovations, among other objectives.
The Davos Forum traditionally takes place in January or February. Due to COVID-19 restrictions, only online sessions were held in 2021 and 2022 at the start of the winter season.
The first economic conference was held in Davos in January 1971 under the auspices of the European Commission. It was attended by 444 executives from 30 countries, and the main topic was discussing the latest corporate management methods. After the conference, its chairman, Swiss professor Klaus Schwab, created the European Management Forum organization to host subsequent meetings. From 1973 onwards, the conferences began to discuss macroeconomic and foreign policy issues, in addition to management topics. Political leaders started participating in the meetings from 1974, and the forum received its current name in 1987.
The World Economic Forum (WEF) has had the status of one of the main events of the year on the international stage since the 1980s, with around 3,000 representatives of business, public organizations, and politicians participating.
Currently, the forum’s activities are aimed at developing international cooperation and improving the interaction between the state and business.
The WEF organization has around 1,000 large international companies with a turnover of over $5 billion as members – they are invited to participate in the forum based on their national rating and role in the development of the region. Klaus Schwab is the permanent executive chairman of the WEF. The board of trustees (board of directors), which includes 31 representatives of business, politics, science, and public figures from different countries of the world, is responsible for developing the policy and long-term strategy of the WEF.
The highest executive body is the board of governors, consisting of nine directors chaired by Norwegian Børge Brende. The day-to-day management of the WEF is carried out by an executive committee of representatives from more than 60 countries.
The organization’s headquarters is located in Cologny, a suburb of Geneva. The forum has branches in New York and San Francisco (the World Economic Forum USA), as well as offices in Beijing and Tokyo.
In 2024, the event was attended by about 60 heads of state, as well as representatives of the global elite from more than 120 countries. The total number of participants was over 2,800.
The main theme of the forum was «Restoring Trust«»: participants discussed how to ensure security and organize cooperation in a divided world. Particular attention was paid to the future of Ukraine, and President Zelenskyy received a standing ovation after his speech to the participants. He also met with leaders of some of the world’s most influential and wealthy banks and with representatives of the technology industry.
The forum addressed a wide range of issues, from the global economy and finance to ecology and artificial intelligence. At another WEF session that attracted significant media attention, the so-called «Disease X» was discussed.
Artificial intelligence was also a focus of attention for the participants. Marc Benioff, CEO of Salesforce, told the forum guests that the time has not yet come when AI can fully replace humans. The technology can only be a tool that improves the efficiency and productivity of people. Questions about trust in AI should be asked when the technology is able to completely replace humans.
Julie Sweet, CEO of Accenture, insisted that to have a balanced discussion about AI, education is needed for everyone who wants to talk about it, let alone use or regulate it. Responsible use of AI primarily implies warning that AI was used in a particular process, which her company does and which, in her opinion, will become a trend within a year or two.
«The technological revolution is transforming the biochemical industry. I am sure that we are entering an era of scientific renaissance thanks to the collaboration of technology and natural sciences», noted Albert Bourla, CEO of Pfizer. As an example, he cited the creation of a COVID-19 pill, the chemical formula of which was developed in four months, although previously it took four years.
Artificial intelligence has helped change the drug development process, during which scientists take turns synthesizing millions of molecules to find the right combination. The impressive computational power of AI significantly reduces the search space, offering combinations with the greatest potential, which are then tested by scientists. «This saves a huge amount of time, which means saving lives», Bourla said.
He believes that the benefits of AI outweigh its drawbacks, especially in the field of medicine, but «regulating this technology is certainly necessar». However, we need rules that would strike a balance between promoting the development of AI and protecting against unscrupulous players abusing technological progress.
Jeremy Hunt, the UK Chancellor of the Exchequer, said that we need to allow AI technology to develop, and government regulation should be «light-touch, because we still know so little about AI».
The biggest problem with introducing AI regulation, according to Sam Altman, CEO of OpenAI, is who will determine the values on which the regulatory rules will be based. «Who will set the default settings? The boundaries? How AI should work in one country compared to another. Permitted and prohibited uses. This is a huge question for society», Altman emphasized.
At the current stage of technological development, AI is unlikely to achieve significantly greater scaling of systems than it does now, the OpenAI CEO said. «For this, we need new inventions«», the entrepreneur said.
Fear of AI is not bad, Altman stressed, and he understands the public’s concern that private companies are concentrating control over such a revolutionary and potentially dangerous technology. «It depends on us and companies like ours to engage society in a discussion about safety», explained the OpenAI CEO, adding that such a dialogue is possible only if we put AI in the hands of people and get their feedback.
Representatives of Boosty Labs intend to continue visiting the Davos summit annually – a place where they can gain unprecedented access to global decision-makers.
Typically, world leaders – usually the sitting US president, EU leadership, the UN, and so on – as well as business leaders and entrepreneurs, prominent thinkers, scientists and innovators, heads of NGOs and the charitable sector, media representatives, civil society, and even random celebrities are present.
The official guest list is often highly exclusive, numbering around 2,000-3,000 participants. In addition to the main presentations and panels in the Congress Center, numerous additional events are held to attract the public.
This is where global companies and even countries and country blocs set up their booths to promote innovations and services, as well as to attract investments.
Along the Promenade, the main artery of Davos, there are the so-called houses where participants can rent space (often retail outlets rented for a week) and open their «embassies» and «representations».
Davos represents an unprecedented forum for global-scale discussions and debates and has achieved some significant successes in its 50-year history.