About the Summit
- Davos is the informal name of the annual four-day conference held by The World Economic Forum in Davos-Klosters, Switzerland.
- The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
- Each year, at the Davos summit, business leaders and heads of state give lectures and speak on panels about topics ranging from gender equality and venture capital to mental health and climate change.
- Countries use the event as a chance to network and hash out their differences out of the public eye. North and South Korean officials held their first ever ministerial-level meetings at Davos in 1989, while Greece and Macedonia settled their nearly three-decade-long conflict over Macedonia’s name at the event in 2018.
Why in News?
- Addressing the World Economic Forum’s virtual Davos summit, Prime Minister Narendra Modi said that more ‘Made in India’ COVID-19 vaccines are on the way to help speed up the world’s vaccination efforts, and India’s economy would help global growth recover from the aftermath of the pandemic.
- Inviting investors to consider opportunities in the country, Mr. Modi said: “India is full of possibilities and self-confidence. During the crisis, we have undertaken several structural reforms and they are being supported by production-linked incentives. Now, from the tax regime to FDI norms, we have a predictable and friendly environment.”
- Arguing that India had all the ingredients required for adopting Industry 4.0, with its robust digital infrastructure and skills, the Prime Minister said that it was important that the fourth industrial revolution should not be for robots, but for the benefit of human beings.