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Business: Naanii Global Management Consulting at World Economic Forum 2023, DAVOS: South Korean - India - German - LatinAmerican - African - WTO visions

Published by NAANII GLOBAL + WEF 2023 com team in Innovation; Tech, Invest, Green Deal · 20/1/2023 19:14:13
Tags: WEFDavos2023;NaaniiGlobalConsulting;SouthKorea;Germany;Africa;LatinAmerica;WTO;Visions





Closing ACT DAVOS 2023  - the way ahead


South Korean
President Yoon Calls for Enhanced Cooperation to Boost Global Supply Chains

Enhanced international cooperation and a return to multilateralism is needed to counter block-forming among nations
The global supply chain is severely disrupted and the international community must urgently address resilience
Clean energy sources, such as nuclear power and green hydrogen, will bolster energy security as well as help achieve carbon neutrality goals
For more information on the Annual Meeting 2023, visit www.weforum.org. Share on social media using the hashtag #wef23
Davos-Kloster, Switzerland, 19 January 2023 – In a special address at the World Economic Forum Annual Meeting 2023, Yoon Suk Yeol, President of the Republic of Korea, called for solidarity and unity in safeguarding freedom and strong cooperation in addressing the many shared challenges the world faces.

Welcoming the president, Klaus Schwab, Founder and Executive Chairman, World Economic Forum, asked Yoon to share his vision for the Republic of Korea and its role in the international community. “There are many challenges the world faces in the year ahead, and we need leaders with shared values to help shape a better and more inclusive future for all,” Schwab said.

Yoon said the world is facing several crises, including economic uncertainty, geopolitical risks, social fragmentation and weakening of multilateral trade system. He added that the war in Ukraine has exacerbated supply shocks and disrupted already fragile supply chains. In addition to essential sectors like food and energy, the supply chains of vital infrastructure, such as semiconductors, are also under threat.

“The most urgent task of our time is to enhance resilience of the global supply chain,” he said. This can only be achieved with close cooperation of the international community, in compliance with international trade laws and norms.

Block-forming among nations is not the answer, he said. “Building up walls and intensifying protectionism cannot be the right solution.”

To counter emerging global fragmentation, he called for enhanced intergovernmental collaboration. “The free flow of knowledge, capital and goods across borders has helped push our civilization forward,” he said. “We cannot forget the positive benefits and successful history of multilateralism and free trade.”

On climate, Yoon stressed that the energy transition and energy security are not mutually exclusive goals. He argued that renewable and green energy sources, such as nuclear power and green hydrogen, will bolster energy security as well as achieve carbon neutrality goals. “Korea is a leader in both nuclear energy and green hydrogen and can help other countries build capacity,” he said.

The Korean government is committed to increasing the country’s nuclear energy in the power mix to more than 30% by 2030. At the same time, the production of clean hydrogen will be significantly ramped up with special focus on green hydrogen – made entirely from renewable energy.

Yoon also identified the worsening digital divide as an emerging challenge, and said South Korea will establish a comprehensive framework enumerating basic rights for digital access, referred to as the Digital Bill of Rights. “Digital access is a universal right,” he said. Specific initiatives will promote digital industries, establish related social infrastructure and foster talent in digital fields.

In closing, President Yoon reflected on the responsibilities that global leaders face: “We share a duty to share a compelling vision of the future with our young people.”

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India
India Meets with World Economic Forum to Advance Progress in Addressing Socioeconomic Challenges and G20 Agenda

World Economic Forum values its nearly 40-year collaborative history with India and looks forward to continued cooperation
As part of its G20 presidency, India aims to promote just and equitable growth while also making significant progress on the most pressing domestic challenges

In Davos, world leaders continue progress on solutions for the most pressing crises affecting the world. The World Economic Forum Annual Meeting 2023 comes as multiple crises deepen divisions and fragment the geopolitical landscape.
Governments and business must address people’s immediate, critical needs while also laying the groundwork for a more sustainable, resilient world by the end of the decade.

The programme simultaneously addresses immediate crises and long-term future challenges and helps set the scene for India’s G20 presidency.

“I had the pleasure of meeting the Indian ministerial delegation and many of its top business leaders,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum. “I commend the country’s decisive action on the climate case for renewables, its contribution to the global healthcare ecosystem, the focus on an economic model for women-led development, and its leadership on digital public infrastructure. India remains a bright spot amid global geoeconomics and geopolitical crises.”

The World Economic Forum shares a 38-year history with India and looks forward to continued partnership with the country during its G20 presidency under the leadership of Prime Minister Narendra Modi.

India is promoting a just and equitable growth for all in the world during its G20 presidency.

“India’s G20 presidency comes at a crucial time, Prime Minister Modi’s leadership is critical in this fractured world,” Schwab said.

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GERMANY
German Chancellor Scholz Lays Out Roadmap to Climate Neutrality by 2045
  
Olaf Scholz says Germany’s energy transformation will happen not in spite of, but because of, the war in Ukraine.
The German leader vows to continue support Ukraine and touts a Marshall Plan for reconstruction.
He also promises modern immigration legislation in order to remain competitive as a leading industrial nation.

In a special address at the World Economic Forum Annual Meeting 2023, German Chancellor Olaf Scholz reaffirmed Germany’s goal of attaining climate neutrality, or net-zero greenhouse gas emissions, by 2045.

While the Russian invasion of Ukraine in February 2022 initially appeared to throw a spanner into German and European ambitions for the transition to renewables, Scholz sees Russia’s aggression as only having accelerated that shift.

“Our transformation toward a climate-neutral economy – the fundamental task of our century – is currently taking on an entirely new dynamic,” said Scholz, “not in spite of, but because of, the Russian war.”

“Whether you are a business leader or a climate activist, as a security policy specialist or an investor, it is now crystal clear to each and every one of us that the future belongs solely to renewables for cost reasons, for environmental reasons, for security reasons, and because in the long run, renewables promise the best returns.”

Within a few months of the war’s onset, Scholz said Germany had made itself completely independent from Russian gas, Russian oil and Russian coal. Initial fears of energy shortfalls, especially with the approach of winter, proved unfounded. “We concluded new partnerships with Asia, Africa and America, thus lessening our dependence,” he said, “so I can say that our energy supply for this winter is secure.”

With new laws mandating the expansion of renewables including wind, solar and hydrogen, Scholz said that the German government will eliminate red tape, enabling connection to the grid an average of two years faster than was previously possible. “We intend to step up the pace even more,” he added. “You can also rely on our targets: the obstacles have been swept aside.

The German chancellor said for 2023, the country had more than doubled the volume of calls for tender for onshore wind farms alone. “By 2030, 80% of our electricity production will come from renewable sources, double what it is at present,” he said. “At the same time, our electricity requirements are increasing from 600 terawatt hours today to 750 by the end of the decade, and we are expecting them to double yet again in the 2030s.”

Despite the suffering of the Ukrainian people since the invasion, Scholz pointed to the post-war recovery as an opportunity for businesses.

“In Berlin at the end of October 2022, we worked with international experts to draw up a Marshall Plan for the long-term reconstruction of Ukraine,” he said. “Private sector capital will play a key role here. I know that many companies in Germany and beyond are very aware of the opportunities that the Ukrainian economic miracle could offer them, particularly as the country moves toward the European Union after the end of the war.”

Bucking the trend of population decline in many developed countries and pessimistic predictions of a shrinking German population, Scholz noted that his country now boasts more residents and employed individuals than at any other time in its history.

“Before the year is out, our country will finally benefit from modern immigration legislation. After all, if we want to remain competitive as a leading industrial nation, we need experienced practitioners, qualified engineers, tradesmen and mechanics,” he said. “Those who want to roll up their sleeves are welcome in Germany. That is our message.”

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AFRICA
Global CEOs Back Plan to Unlock $3.4 Trillion Potential of Africa Free Trade Area
  

New World Economic Forum report highlights the high potential for companies investing in Africa Continental Free Trade Area (AfCFTA) – the world’s largest free trade area.

Report focuses on four sectors – automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics – which have most potential to boost trade
Global businesses have an important role to play in accelerating the implementation of the AfCFTA

African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).

AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA, and illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.

The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa, developing local, subregional and continental value chains and accelerating industrialization, all of which go hand in hand with the success of the AfCFTA.

The AfCFTA is the largest free trade area in the world, by area and number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than $3.4 trillion. Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment, boost overseas exports by a third, double intra-continental trade, raise incomes by 8% and lift 50 million people out of poverty.

To ease the pain of transition to its new single market, Africa has learned from trade liberalization in North America and Europe. “Our wide range of partners and experience can help anticipate and mitigate potential disruptions in business and production dynamics,” said Børge Brende, President, World Economic Forum. “The Forum’s initiatives will help to ease physical, capital and digital flows in Africa through stakeholder collaboration, private-public collaboration and information-sharing.”

Given the continent’s historically low foreign direct investment relative to other regions, the report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. “The promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion,” said Chido Munyati, Head of Regional Agenda, Africa, World Economic Forum.

The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics.

“Macro trends in the four key sectors and across Africa’s growth potential reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,” said Wamkele Mene, Secretary-General, AfCFTA Secretariat.

“These projections reveal an unprecedented opportunity for local and global businesses to invest in African countries and play a vital role in the development of crucial local and regional value chains on the continent,” said Landry Signé, Executive Director and Professor, Thunderbird School of Global Management and Co-Chair, World Economic Forum Regional Action Group for Africa.

The Forum is actively working towards implementing trade and investment tools through initiatives, such as Friends of the Africa Continental Free Trade Area, to align with the negotiation process of the AfCFTA. It identifies areas where public-private collaboration can help reduce barriers and facilitate investment from international firms.

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LATINAMERICA
Renewable Energy and Regional Integration Drive Latin American Vision for Growth


Exporting renewable energy could be a central driver of Latin American economic growth
Stronger regional integration could enable Latin America’s leadership in a clean energy transition
Reducing corruption and rethinking drug policies are also vital strategies in some nations

With its abundance of natural resources and emergence from many recent pandemic constraints, some Latin American nations are bullish about the region’s potential to become a global leader in providing clean energy. Regional specificities, such as the abundance of hydropower and solar energy, convey unique advantages – particularly if the Americas achieve greater electrical grid connectivity.

President Gustavo Francisco Petro Urrego of Colombia, speaking at a session on Leadership for Latin America at the 53rd World Economic Forum Annual Meeting, called for the region to “build an American electricity grid from Patagonia to Alaska”. Such connectivity would allow renewable energy producers in Latin America to sell power to the United States and Canada.

“We can make our continent the centre of clean energy production,” agreed Fernando Haddad, Minister of Finance of Brazil. He echoed the vast opportunities for Latin America to attract foreign investment and promote entrepreneurship through renewable energy. “All this will depend on regional integration,” he added. Better coordination among Latin American nations would facilitate trade, integrate financial markets and improve infrastructural connections in energy, transport and other sectors.

Access to global markets is central to many nations’ vision of prosperity in Latin America. Rodrigo Chaves Robles, President of Costa Rica, said: “Costa Rica has done very well by including itself in supply chains.” Costa Rica has actively promoted industries such as medical supplies, aerospace and back-office services. The nation’s leadership sees both bilateral and multilateral trade agreements as necessary for the ongoing growth of such sectors.

In the Dominican Republic, small- and medium-sized business represent the core of the economy. “SMEs are 70% of our productive base,” said Raquel Peña, Vice-President of the Dominican Republic. Reforms have focused on improving opportunities for SMEs such as facilitating loans to entrepreneurs and developing tax-free zones.

Achieving growth requires managing diverse national needs. In Ecuador, the new government focused on reducing corruption as a key to economic growth. “Fighting corruption and keeping public spending under tabs frees resources to invest in social affairs,” said Guillermo Lasso Mendoza, President of Ecuador.

An ongoing challenge in Colombia is tackling violence related to drug trade. “Colombia has lived for decades in violence. We used to call it perpetual violence,” said President Petro. He suggested that new agricultural opportunities could help stabilize violence-prone, cocaine-producing regions. One idea involves converting cocaine production to cocoa production, with the help of multinational corporations such as Nestlé. Moreover, nations around the world can help reduce violence by promoting decriminalization of some drugs and increasing prevention efforts focused on drug education.

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WTO
WTO Director-General Says Future of Trade Is ‘Digital, Green and Inclusive’

A challenge for the 2023 trade outlook is not only slowing global growth but also the uncertainty surrounding those statistics. The war in Ukraine, concerns about COVID and fragile supply chains have caused many nations to rethink their approach to trade and question the future of globalization.

The World Trade Organization and others have warned that deglobalization would negatively impact the world and especially emerging economies. The question for global leaders is how to create a new agenda for global growth.

Speaking at the World Economic Forum Annual Meeting 2023 at a session on trade, growth and investment, Ngozi Okonjo-Iweala, Director-General of the WTO, said: “We say the future of trade is services; it’s digital; it’s green. And it should be inclusive.”

Many nations have seen a push to relocate manufacturing closer to consumers’ demand, after supply shocks associated with port blockages, the war in Ukraine and the pandemic. Moreover, concerns about national security have caused many nations to question their over-reliance on certain countries for critical goods and services, such as European dependence on Russian energy.

For the United States, Mexico is likely to be a major beneficiary of the US reconfiguration of supply chains, given Mexico’s educated workforce, low wages, railway transport and pro-business political climate, noted Laurence D. Fink, Chairman and CEO of BlackRock. “But Mexico is not going to be the sole beneficiary of that change,” he added, citing Eastern Europe, Turkey, Indonesia and other parts of South-East Asia as well.

Okonjo-Iweala said the future of trade must also prioritize inclusivity. As many countries prioritize national security in their trade policy, there is a risk that “friend-shoring” would distribute the gains of economic growth unequally. “When we talk of ‘friend-sharing,’ I don’t know who is a friend,” he said. “I don’t ever hear countries in Africa mentioned.”

Creating a trade agenda that prioritizes inclusivity and decarbonization is a major priority. Many European governments have welcomed the recent embrace of sustainability in US economic policy. “The world can only be happy that the United States has moved to the right side of the aisle” on climate, said Alexander De Croo, Prime Minister of Belgium.

He noted that European leaders have concerns over the specifics of the recent US legislation but, overall, the positive step gives Europe the opportunity to focus on its specific advantages, such as research facilities and long-term investments in wind energy. Without such coordination, there is a risk that Europe and the US simply compete to provide more subsidies and tax breaks for business.

Industrial policy has become a major focus for many nations rethinking their approach to trade. “Five years ago, [industrial policy] was not a very sexy topic. Today it’s top of the agenda,” said De Croo. Medical products, solar panels, silicon chips and digitization infrastructure are among the industries being overhauled due to new pressures to increase resilience and national security.

Ensuring that sustainability remains at the top of the global trade agenda will require coordination with multilateral agencies. As many nations seek out bilateral trade agreements, there is a risk of global trade splintering into trading blocks. Promoting a trade agenda that is fair, inclusive and sustainable will require institutions such as the WTO to establish clear ground rules for all nations.

German Vice-Chancellor Robert Habeck noted that Germany is saying “yes” to bilateral trade agreements, but ultimately, “we have to stick to the idea of multilateral institutions.”

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