World Economic Forum to be held next year in Singapore

Singapore will host the World Economic Forum's (WEF) annual meeting next year in May, discussing the ongoing global issues.

The meeting will be held from May 13 to 16 next year, before returning to Davos, Switzerland, in 2022, The Strait Times reported.

"The event will be the global leadership event to address worldwide recovery from the Covid-19 situation," The Straits Times quoted WEF as saying.

Announcing its decision to shift the annual forum from Switzerland in view of the Covid-19 situation in Europe, the WEF said that the meeting in Singapore "will be the first global leadership event to address worldwide recovery from the pandemic".

"The WEF's decision reflects its confidence in the country's management of the Covid-19 pandemic and will also boost the Republic's meetings and conferences sector," The Straits Times quoted Singapore's Ministry of Trade and Industry (MTI) as saying.

"A global leadership summit is of crucial importance to address how we can recover together," Klaus Schwab, WEF founder, and executive chairman said.

"The Special Annual Meeting 2021 will be a place for leaders from business, government, and civil society to meet in person for the first time since the start of the global pandemic. Public-private cooperation is needed more than ever to rebuild trust and address the fault lines that emerged in 2020," Schwab added.

Hosting the WEF will give a boost to Singapore's meetings, incentives, conferences and exhibitions (Mice) sector and other sectors like hospitality, Ministry said.

"The annual forum will in a first include a virtual component to allow greater participation amid the Covid-19 pandemic," Ministry added.

The annual forum saw about 3,000 participants gather in Davos in January, The Strait Times reported.

During the usual "Davos week" next year, the forum will hold a virtual event from Jan 25 to 29. It will also host a global technology governance summit in Tokyo in April, WEF said.

"All international conferences held in Singapore will similarly adhere to strict public health and safety measures," Ministry said.

In a Facebook post, Chan Chun Sing, Trade and Industry Minister said that the WEF's decision "speaks volumes of the international community's trust and confidence in Singapore's handling of the pandemic thus far".

Singapore looks forward to supporting the WEF in its efforts to effect positive change globally via dialogue and engagement, Sing added.

"May we be a positive example of how to resume economic activities safely and sustainably," Chan said adding "Successful execution of such high-level meetings will help re-establish ourselves as a premier global business hub."

This is the second time the World Economic Forum meeting will be held outside of Switzerland since it began in 1971, and the first time it will be held in Asia. The 2002 edition was held in New York, to show solidarity with the United States and the people of the city after the September 11 terror attacks the year before.

( With inputs from ANI )