Wednesday 27 January 2010

Rethink, Redisign, Rebuild

The annual congregation of business people, economist, politicians and other key figures who shape the world will commence in Davos, Switzerland today. Celebrating its 40th anniversary this year, the World Economic Forum has earned itself as the platform for thought leadership and advocacy for better future.

This year's forum is held on the background of the world recovering from financial and economic crisis that has no precedent in terms of magnitude and breadth. At the same time the advancement of technology has allowed people to work and collaborate in a manner not seen before a decade ago. The issue of sustainability of the planet has emerged as one of the critical problem that needs immediate and firm response. Problems not need to be resolved at the global level, with agreements and concurrent of many nations and key institutions.

Aptly chosen, the theme of this year's WEF is Rethink, Redisign and Rebuild. The forum intends to encourage the rethinking of business models, financial innovation and risks management, a direct response towards the recent collapse of the global financial system and to emphasis the point that business as usual is not sustainable.

Events in the past clearly demonstrated about the need to redesign institutions, policies and regulations with the aim of closing governance gaps, preventing systemic failures and restoring growth. However, the challenge would be to shape common vision among the stakeholders and players who have different interests and agendas based on which part of the world they are coming from.

Leaders and decision-makers, therefore, must rebuild trust, not only to establish the legitimacy of their redesign but also to instill confidence in their future success.

The key challenge is always about what happens after the dust has settled. How far the thoughts, views and agreements in Davos is converted into effective initiatives and efforts will be the real measure of any achievements. Not withstanding that, the annual pilgrimage to Davos can also be seen as the willingness of the human kind to sit together and discuss about our common destiny.

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