WEF calls for 'golden triangle' approach to tackle global woes

Davos: World business leaders today said there is a need for a ‘golden triangle’ collaboration between governments, companies and the civil society to rejuvenate the global economy, create jobs and fight corruption.

They also urged the economic movers and shakers attending the World Economic Forum annual meeting here to join forces to chart a clear path for the way forward.

[caption id=“attachment_599799” align=“alignleft” width=“380”]  This year’s edition of WEF meet is on the theme ‘Resilient Dynamism’. Reuters[/caption]

The meeting, with participation of influential world leaders like British Prime Minister David Cameron as well as Indian ministers and businessmen, is taking place at a time when fiscal woes across continents and anaemic world economic growth are posing policy as well as political challenges.

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Setting the tone for the deliberations at this snowy resort town, Coca-Cola Company Chairman and CEO Muhtar Kent, also co-Chair of WEF meet, said that growth and job creation are going to be key for the global economy going forward.

“We need to ask a question how can business, government and civil society rise to the challenge and create a golden triangle,” Kent said. The call for collaborative efforts comes against the backdrop of corruption issues coming to the fore in various countries, including India, where the role of companies, banks, the government as well as individuals have come under the scanner.

This year’s edition of WEF meet is on the theme ‘Resilient Dynamism’. Swiss banking giant UBS Chairman Axel Weber said that global economy has just come out of the biggest shock. Even though most of the markets have bounced back, Weber noted that the recovery is slow and muted.

Besides Cameron, German Chancellor Angela Merkel, Russian Prime Minister Dmitry Medvedev, heads of World Bank, IMF and CEOs of many blue-chip firms would be in attendance.From the Indian government side, Urban Development and Parliamentary Affairs Minister Kamal Nath accompanied by Commerce and Industry Minister Anand Sharma, Heavy Industries and Public Enterprises Minister Praful Patel and Power Minister Jyotiraditya Scindia would hard sell the country’s investment story to global audience.

Indian corporate honchos including Mukesh Ambani, Lakshmi Mittal, Anand Mahindra, Rahul Bajaj, Sunil Mittal, Azim Premji and well known banker Chanda Kochhar are also expected here. Globally, apart from slow growth, job creation is turning out to be a major concern for both developed and developing world.

“There is an opportunity where if we get it right in the politics, in the business and elsewhere,” UBS Chairman Axel Weber said. Japanese electronics company Toshiba Corp Chairman Atsutoshi Nishida, another co-Chair, said resilient dynamism is an engine that drives growth, “but in chaotic social reality of 21st century what is needed is adaptability to the changes”.

US major Dow Chemical chief Andrew Liveris, also a co-Chair, said the current economic outlook is not that

promising. Besides, not many are addressing issues like food security, energy security, he added. Transparency International’s Chair Hugette Labelle, also a WEF meet co-Chair, said a collaboration of government, civil society and business is necessary against corruption.

“We have to find new ways keeping in mind commonality of interest so that we can sustain trust and rebuild the trust that has been lost,” he said. Besides financial problems, the need for empowerment of women is also a talking point at the WEF meet. Coca-Cola Chief Muhtar Kent said that women today represent 66 percent of labour force but 10 percent of income worldwide.

This is a big inequality. Also, for youth we have not done enough for them to get jobs in the government, business in this generation, he added.Kent noted that going forward clear paths should be charted for the global economy to make it better for the next generation and to empower entrepreneurs, especially women.

Emphasising on the need for a new strategy for banks, UBS Chief Axel Weber said the current strategy has not worked. Meanwhile, Brazilian aircraft maker Embraer’s CEO Frederico Curado said that it is time to look forward to spur growth.

PTI