General information. The World Economic Forum (WEF) was established on January 29, 1971 in Geneva, Switzerland as a not-for-profit foundation called the European Management Forum. The founder and executive chairman of the Forum is Klaus Schwab, and the President is Borge Brende. In 1987, the European Management Forum was renamed to the World Economic Forum to expand its vision and provide a broader platform for dialogue.
Objectives. The purpose of establishment was to promote activities that facilitate close cooperation in international industry to develop approaches to responsible and successful governance.
Members. In 1976, the organization introduced a system of membership for “the 1,000 leading companies of the world”.
Cooperation with Azerbaijan. The Ministry of Economy is actively involved in a number of initiatives of the World Economic Forum. The foundation of Azerbaijani Affiliate Centre of the WEF’s Network of the Fourth Industrial Revolution Centres’ was laid with the signing of the letter of intent by President of Azerbaijan and President of WEF on January 21, 2020 in Davos. On March 30, 2021, the Host Accord and founding agreements between the Government of the Republic of Azerbaijan and the WEF on the establishment of the Azerbaijani Centre of the Network of the Fourth Industrial Revolution Centres’ have been signed and become effective since April 1 of the mentioned year. This is the first such Centre established in CIS region. On February 23, 2022, the opening ceremony of the Azerbaijani Centre and an event on "Trends in the Fourth Industrial Revolution" were held. The events co-organized by the WEF and the Ministry of Economy were attended by a delegation led by Forum’s President Borge Brende.
The Minister of Economy Mikayil Jabbarov participated at the session on "Building a National AI Strategy" held on April 6, 2021 within the framework of the inaugural Global Technology Governance Summit (GTGS) organized by the Network of the Fourth Industrial Revolution Centres’ of the WEF.
In order to promote the development of Eurasian countries during the Fourth Industrial Revolution and evolving financial and economic conditions, WEF has launched a new strategic initiative – “Vision for Eurasia” (regional negotiation and cooperation platform). Beginning since 2020, the Ministry of Economy participates in the meetings of working groups established in the framework of this strategic initiative in a virtual format.
The representative of the Ministry of Economy participated in the Fellowship Program within the strategic initiative "Vision for Eurasia" in 2020-2021. Furthermore, in 2020-2021, a representative of the Ministry of Economy was a participant in the Fellowship Program within the "Digital Trade" platform of the Fourth Industrial Revolution Center of the Forum.
The Azerbaijan Centre of the Fourth Industrial Revolution Network of WEF was officially launched on February 23, 2022. Mikayil Jabbarov, Minister of Economy and Borge Brende, the President of WEF, attended the opening ceremony dedicated to the launch of the Azerbaijan Centre. Furthermore, "Trends in the Fourth Industrial Revolution" event was held within the framework of the mentioned ceremony.
Mikayil Jabbarov, Minister of Economy participated at the Annual Meeting of WEF which was held under the theme "History at a Turning Point: Government Policies and Business Strategies" in Davos, Switzerland on May 22-25, 2022. Moreover, during the Annual Meeting, he attended and spoke at the "Strategic Outlook: Eurasia" session on May 23, as well as at the “Oil and Gas Community Dinner” on May 24.
