World leaders, from business and government, to international organisations, academia and civil society, convene in Davos, Switzerland, today for the 47th edition of the World Economic Forum.

The three-day annual forum comes on the backdrop of global economic slowdown that has held back growth of countries across the world.

Rwanda is among the countries taking part in this year’s edition and will feature in several sessions, some which will serve to showcase opportunities in the country.

President Paul Kagame is expected to lead the Rwandan delegation at the Forum and will take part in a number of high level sessions, according to information from Presidency.

Later today, the Head of State will be part of a workshop titled, "Innovations to connect the Unconnected,” and later at an interactive dinner session tomorrow on Africa’s Road to Prosperity.

This year’s forum runs under the theme, "Responsive and Responsible Leadership,” with a focus on improving global cooperation and collaboration.

In a pre-summit news briefing, Prof. Klaus Schwab, the founder and executive chair of the World Economic Forum, said the Forum comes as economic trends in the recent past have showed complex nature of the current global economy.

The trends, he said, have showed the weakening of multiple systems, which has eroded confidence at the national, regional and global levels.

In an attempt to address the economic status quo, the forum will feature sessions on how to reinvigorate the global economic growth, ensure market capitalism is more inclusive, the fourth industrial revolution and re-imagine global cooperation and collaboration.

Schwab said, at the moment, global economic growth has stagnated at about 3 per cent, which is not enough to drive social, inclusion and address challenges such as youth unemployment.

According to a concept paper by the organisers of the forum, global collaboration and cooperation will be a major talking point given the need for partnership in developing the global economy.

"Our interdependence will not diminish, but will be more agile and inclusive and collaborative responses are urgently needed to address the complexity and uncertainty in people’s lives. We must hone our capacity to manage the systems that underpin our prosperity and security,” the concept paper reads in part.

Although this is not the first time that the world is adopting collaborative efforts, the Forum’s organisers are of the view that enhanced international cooperation and earnest multicultural dialogue are critical to advancing innovations for greater societal impact.

"By coming together at the start of the year, we can shape the future by joining this unparalleled global effort in co-design, co-creation and collaboration,” the concept paper adds.

Relevant theme

Local economists say the Forum’s theme and timing is ideal in the context of the country and the region, especially in regards to cooperation of several countries for the sake of sharing economic benefits.

Philos Elisaphan Mujyanama, an economist and a lecturer at the University of Kigali, told The New Times that the concept of partnership and collaboration is ideal as it holds immense opportunity for the region.

Among the opportunities and advantages he envisions from cooperation include, increase in the market size, increased variety of products available to consumers in member states, more employment opportunities, and integration leading to specialisation.

Beyond between states, Mujyanama said that partnership between public and private sectors is another avenue for growth of economies and regions.

"So when I take a case of Rwanda this partnership can be in energy sector, tourism, mining, real estate, financial services, infrastructure, mining, and manufacturing. Such kind of partnership between government and private sector would boost the economy of Rwanda and that of other EAC members in general,” he said.

Other topics that regional economists think ought to be discussed at the global platform include trade restrictions on commodities produced in Africa posing a challenge to free movement of goods and services, unemployment, as well as deficit Balance of Payment affecting a number of African countries as a result of high import bill.

Also expected to speak at the Forum is Imbuto Foundation’s Michaella Rugwizangoga, a member of the Africa50, a pool of 50 global shapers selected as participants of the World Economic Forum on Africa, which took place in Kigali in May last year. 

editorial@newtimes.co.rw