 Welcome to this opening press conference announcing the details of the program for the 2014 annual meeting of the World Economic Forum, our 44th annual meeting. Joining me this morning, we have Professor Klaus Schwab, the founder and executive chairman of the forum, and my colleagues League Hell, managing director Robert Greenhill, Sodia Zahidi, and Jennifer Blankey. They'll all be telling us a little bit about different aspects of the program at this year's meeting. But before they go into some of the details, I would like to turn to Klaus to ask him for his view on the economic outlook as we look ahead into 2014. So, without further ado, Klaus. Thank you, Adrian. It will be an exciting meeting and it will be different from the last years because it will not be overshadowed by one single crisis. Let's face it, last year the euro crisis preoccupied everybody's mind. So the question is, what is the context of the annual meeting of the World Economic Forum 2014? I would characterize this context by three words. First, cautious optimism. Second, diminished expectations. And number three, many known unknowns. Let me explain. If you look at the cautious optimism, we just have to see confidence is slowly coming back. Yesterday, the World Bank published a relatively positive report. As far as the economic outlook is concerned, stock markets are performing well. Confidence seems to come slowly back. But we have also diminished expectations because we all know we still have to deleverage. Many countries still have large fiscal deficits. It's like running with a heavy backpack on your shoulders. So what it means is that I foresee for the coming period, it may be five to ten years, a relatively slow growth economy. Even if we move out of the crisis, we will not come back to the growth rates of the pre-crisis situation. Now, if you take a growth rate of 3%, which will be probable, maybe a little bit more, and you compare it with the pre-crisis growth rate of 5%, it seems to be marginal. But if you look at the accumulated effect, 3% means that you double GDP only every 24 years. 5% means that you double GDP every 14 years. Of course, this means a huge difference in terms of social inclusion, in terms of job creation, and so on. Now, let me come to the third characteristic, which are the many known unknowns. Just look at Europe. We still have unknowns. We still do not know what the stress test will give us of the banks. We still do not know how much the reforms which we see in a modest way in the southern part of Europe, how much they will close, the competitiveness gap, and so on. If you look at the US, we still do not know what the effect of the tapering will be. We have the US elections. We still have many question marks. If you look at the emerging markets, I would say we see everywhere signs of a so-called midlife crisis in the economic growth of emerging markets. It's easier to add 10% economic growth if you have a GDP per capita of 1,000 or 2,000 compared to having a GDP per capita of 10,000. If you look at Japan, of course, we do not know yet how successful the third arrow of the so-called abenomics will be. So you have those very urgent questions to which we need a response, known unknowns. We know the issues, but we do not know yet how the problems will unfold. In addition, if you take the known unknowns, you have all the fundamental issues. I would call some of the global destiny challenges, because if you do not master those issues, our whole destiny as mankind will be in some way put into question. It's the issue of social inclusion. It's the issue of global warming. It's to deal with all the technological disruptions and innovations. It just takes the cyberspace. It's water jobs and so on and so on. So that's the context inside which we approach the programme of the annual meeting. Now, the question may be what is different with the annual meeting? Why is it different from, I would say, any other meeting in the world? And I'll give you three reasons again. First, it's a foremost multi-stakeholder meeting. It's the biggest assembly of political, business and civil society leaders. More than half of CEOs of 1,000 largest companies are in Davos. You have 300 political leaders, inclusive the heads of all major international organisations. And you have the heads of the most important, best-known global NGOs. So you have so three pillars, which we call usually the three pillars of a multi-stakeholder society. But it's not only business, civil society and governments. We want to have in Davos the disruptors. We want to have some new voices. We want to have also some moral voice. So you will see in the documentation all those other communities. And I draw your attention particularly to the young voices, which are very important for us. And I may remind you that in Davos in 2009, in my opening speech, I said, we are moving, we've confronted now a financial crisis at that time. So financial crisis will cause an economic crisis, which we have seen. It will lead to a social crisis. Just look at the use and employment in many countries. And finally, and I think that's where we are now, it may lead to a intergenerational crisis. For me, that's the biggest challenge which we have and it's the biggest danger that we solve. It's the big issues, what I called before the global destiny challenges, that we solve it on the back of the next generation. Finally, we have in Davos, of course, the best minds, Nobel Prize winners and so on. You see it also in the material. But the second reason why Davos is different. The world is complex. It's fast moving. It's interconnected. And we in Davos want to provide a kind of mirror of the world as it is. It's not a meeting which is devoted to one single issue. It's a meeting which is purposely addressing the complexity of our world. And in this respect, of course, we will look at the hot issues on the global agenda like the Middle East, but we also will try to address the fundamental underlying developments which I mentioned already, like social inclusion, job creation and so on. What we want to do in Davos this year in this respect is to push the reset button. Let me explain. The world is much too much still caught in a crisis management mode. And we forget that we should take now into our hands and we should look for solutions for the really fundamental issues. We should look at our future in a much more constructive, in a much more strategic way. And that's what Davos is about. Yes, the actual hot issues, the actuality will play a major role, but most of the session will deal with the fundamental issues and not just with hot political themes. Now, the third reason why Davos is different, it's a take and give. Usually you go to a conference and you are a listener or you are a speaker. In Davos everybody is integrated. Just imagine there are over 400 official and private sessions. Davos is well prepared. We had a preparatory session of over 1,000 specialists in Abu Dhabi in November. We engage our members and partners through topling, our new innovative digital platform into the co-design of what we are doing. So it's a real collaborative effort which we want to achieve in Davos. Now, why is the World Economic Forum successful? It's not because we are particularly good. It's because there is a need. And if I would have to define the role of the World Economic Forum in the world of today, where the border lines between public and private are blurred, it is the international institution for public private cooperation. Klaus, thanks very much for that. The theme of this year's meeting, as you'll know, is the reshaping of the world, the consequences for society, politics and business. My colleague Lee Howell is responsible for turning that theme into some 260 plus sessions. And I'd like to ask him to tell us a little bit more about that programme and some of the people who will be appearing in it. Thank you, Adrian. First, I'd like to build from Professor Schwab's opening remarks in the sense that I'd like to add some context on how we arrived at this programme as you rightly put it with 250 sessions. I began with that. The 44th annual meeting development of that programme began really at the close of the 43rd annual meeting last year. And we've been able to engage our communities through our regional summits, our various global initiatives and our research activities. So it's been a very iterative process. I'd like to go back and highlight once again the importance of a network of experts who have availed themselves and have committed to two years of working with us. And these are the members of our global agenda councils. And indeed we did have their second meeting in November in Abu Dhabi. And it was very, very important in the sense that we are looking for the longer term issues. We're very much preoccupied by the various crises, but again the notion of understanding really what is reshaping the world requires this multi-stakeholder collaborative and annual effort. So I want to start with that. Second, in terms of the programme, again, the best way for you to understand and explore it, ideally for you to go through all of the materials you have, is to understand that you have to unbundle this theme into I think four areas and they were touched upon by Professor Schwab's remarks. One of the sub-themes is really focused on achieving inclusive growth. Much of the programme will look at a little deeper into the structural issues and of course particularly on the unemployment challenge, particularly in the youth unemployment space. We then have a sub-pillar, a sub-theme around embracing disruptive innovation. And these innovations are not all linked to internet information technology, but we're also looking at unconventional energy sources like shale gas. We're looking at 3D manufacturing or printing. We are looking at personalized medicine. So there's a whole host of innovations across a number of disciplines that I think we need to take account of and have a really more thorough look at because these will have consequences on society, politics and business. I would also guide you to the fact that there's a third pillar that was again touched on and it was really about meeting society's new expectations because one of the residual effects of the global financial crisis is still this lack of trust in both the public sector and the private sector and across societies overall and how do we really reassess and rebuild that because that takes time and that's why it takes vision and it takes really not just a consensus but a common vision to really get us there and I hope we're able to achieve that through the interaction and engagement communities in Davos. And fourthly, we're all aware that we're on a smaller planet in the sense that how do we sustain 9 billion people and this is where we are looking and together holistically issues around climate change but also around poverty and I bring your attention to a very important session that really looks at the two as we know that this year and next year are very critical years for the UN and other international institutions and their efforts to address climate change but also to think of beyond the current and millenn development goals. So this holistic approach is also very, very important in the program and so I would sort of direct you in those areas and also that it's the way we learn and interact and we are very interactive, we have a number of workshops, ideas, labs formats that really I think encourage the peer-to-peer and informal experience in the sense that we can get people really to be candid and be aware and be mindful of the issues and work together and that's really the design and the aspirations of the program. And can you tell us a little bit about some of the key sessions that we should really look out for in the program? I know having asked you this before that you're reluctant to single out any one particular session from all of them but just to help guide some attention, anything especially notable? Well I would again pick up on Professor Robb's remarks. I think there's something very notable. If you draw your attention historically we've had one of the sort of the caps during the highlights of the annual meeting there's our global economic outlook session taking place on Saturday. This is historic in the sense that this year we have really three of the most important central bank governors. Governor Mark Carney of the Bank of England, the President of the ECB Mario Draghi and of course Hariko Korota of the Bank of Japan and I think it's a very significant moment in time to have these leaders along with the head of the IMF and other important finance ministers on this global economic outlook because of, I would go back to the cautious optimism and the fact that there are clearly known unknowns here that we can really I think address more concretely as we look at the year ahead. Lee, thank you very much. Robert Greenhill our Chief Business Officer is going to take some time just to tell us a little more detail about who will be in Davos this year and also to share with us a couple of major initiatives that will be launched at the annual meeting. Thank you, Adrian. Well, this year we expect some 1,500 business leaders from across all sectors and around the world. We have like in previous years a growing number of participants from the key emerging and developing countries so we'll have over 250 business leaders from the BRIC countries alone. And in addition to the key Fortune 500 Fortune 1000 CEOs as Professor Swab mentioned, we'll also have some of the key disruptors, the innovators, the new champions who are either tech pioneers, technology pioneers, social entrepreneurs, global shapers or the young global leaders including for example Tony Fidel of Nest Labs, a leader in the Internet of Things, a Brian Chesky of Airbnb that's transforming a comedical rental space and helping people actually meet their expectations in a world of lower economic growth. And then social entrepreneurs such as Jordan Castleau of Vision Spring are a leader globally in low cost eye care for emerging markets. And in addition to having more CEOs and chairman attending than ever before, they're more engaged than ever before. We'll talk about a number of the different specific events but I think there is no doubt that out of this moment of crisis there is no return to complacency either in terms of having to rethink their always transforming business models but also to continue to engage on some of these key unresolved social and global issues. So the International Business Council will be doing a major session on youth unemployment. There's going to be a lot of conversations around the climate change and circular economy that my colleague Sadie will be talking about in a moment and more broadly the whole issue of restoring trust and how does one rebuild the relationship between business, government and the broader society. In addition there's two specific initiatives I'd like to focus on. One is around the area of health. As Professor Schwab was mentioning there was a real focus on the key crisis issues of the last couple of years. While the one uses the health analogy we may be out of the intensive care room but certainly we're still in the rehabilitation area for the global economy and it's clear one cannot have a healthy global economy or national economy or a healthy society composed of healthy and happy individuals and so health actually has a very important economic role to play and the context of health has changed from the infectious diseases challenges of ten years ago where the forum played a key role in the launch of GAVI and the global fund and other key initiatives. The challenges today around non-infectious diseases it's around the challenges of aging. It's dealing with emerging economies that while still wrestling with infectious diseases need to deal with the onslaught of diabetes or other non-communicable diseases. So new challenges but also massive new opportunities in terms of the return on investment of prevention in terms of using new technologies whether it's wearable technologies or the individualization of health care. Huge opportunities but also requiring a very different focal point. It's not simply an issue for the health care industry anymore. ICT has a role to play. Food and beverage companies have a role to play. Telecoms companies have a major role to play. Similarly it's not just for the health care ministries. It's for the finance ministers. It's for the people involved with a national planning. It's for the heads of government. So what we'll be doing at Davos this year is a triple play around health. First around making the new innovations in health very real and personal for attendance. We'll have indicators in terms of their actions, what they eat, how they move around Davos including by walking to make the healthy choices, the easy choices will be providing wearable technology to help them understand better their health situation in terms of walking, sleeping, etc. And we'll have an unparalleled set of programs to help them understand what health means for them, their family, their community, their corporation. Secondly we'll have 25 public and private sessions, the most ever on health, looking at some of these key issues of prevention. Also looking very importantly at the issue of not just physical health but mental health in terms of the destigmatization of the challenge of mental health which actually in many economies is one of the leading drivers of absenteeism and actually costs and which will be compounded with a challenge to dementia and the mental challenges associated with aging in the future. Then we'll be culminating with a health summit on Friday afternoon which is bringing together this whole group of actors not just the health care actors of today but the health system actors of tomorrow across the different sectors, across the different levels of government. That's one major element. The second one I'd just like to take a moment on is there will be a partnership against corruption initiative Vanguard. The forum has been involved for over a decade in the issue of confronting the challenge of corruption and providing a context of improved integrity. This year there's a group of CEOs who really want to come together to commit to creating a community to help raise the profile of integrity and anti-corruption and actually be involved in working with civil society and governments to help design out corruption. There's a sense that it's at a tipping point legally in terms of social attitudes and now is the time to move corruption into the same category of social ills as slavery and dueling was in past centuries. Whereas it's seen as endemic and inevitable, but in fact with the right changes in legal and social attitudes it was possible to design those outs. They are the exception rather than the rule. This group of CEOs working with other stakeholders wants to actually push towards the same thing in corruption. There are a couple of the key initiatives that will be spearheading this year at Davos. Robert, thanks very much. Klaus mentioned the three pillars that we draw on to put together participation in the annual meeting. One of them is civil society. My colleague Sadia Zahidi heads our gender parity and human capital programs here at the forum. Sadia is going to bring us up to date with representation of civil society at the annual meeting and also talk a little bit about the two areas that she leads and some of the climate work that we can expect to see unveiled at the annual meeting in a week's time. Sadia. Thank you. Civil society clearly plays a very critical role in addressing some of the long-term challenges that my colleagues have outlined that we're going to be looking at at Davos. We'll have nearly 150 civil society leaders present at Davos including 40 of the leading regional and global NGOs in the world. Organisations such as Save the Children International, Amnesty International, Human Rights Watch, Greenpeace, the World Wildlife Fund for Nature, Transparency International. In addition, 10 Labour leaders from global and national umbrella bodies including Philip Jennings of the Uni Global Union, Sharon Burrow from the ITUC, the Swedish Trade Union Confederation and the European Trade Union Confederation. Almost 20 religious leaders including Ayatollah Irawani from Iran, the head of the Japanese Buddhist Federation, the head of the World Council of Churches, the newly appointed Chief Rabbi of the United Hebrew Congregations of the Commonwealth and three cardinals including Cardinal Turksen from Vatican City. In addition to these, 80 civil society organisations that come from the new champion communities. So, for example, through the young global leaders, through the global shapers which are leaders between the ages of 20 and 30 and through our social entrepreneurs communities. Now on gender, clearly the integration of women is critical to global growth but it's not just a matter of efficiency, it's also a matter of equity. Women should have equal access to health, education, economic participation, political empowerment and this is an area where the forum has been doing significant work for some time. Over the last year we launched our eighth annual edition of the Global Gender Gap report. Some of the very key findings are at the very top of the global rankings that cover 136 countries is Iceland followed by a number of other Scandinavian countries and towards the very bottom countries such as Pakistan, Chad and Yemen. We've been doing this benchmarking for some years. We've also been collecting a lot of data and research on what are the best practices, what are the interventions that can help close gender gaps and one of our major efforts over the last year and that will be featured at Davos is the attempt to operationalise that. How do you make that translate into success? How can those best practices, how can the information on gender gaps be actually used to try to close gender gaps? We've been doing that in three countries in Japan, Mexico and Turkey working with their governments and working with the key business leaders in those countries to try to create a collaboration mechanism to try to create commitments around closing the economic gender gap by 10% in each of these countries. All of the practices are localised to the particular context that they're working on. Some highlights on gender for the annual meeting. Nearly 400 women leaders are present. That makes up 16% of the participation at Davos. 21% of the speaking roles are taken up by women leaders and of course some of those names are, I'm sure you're very familiar with names such as Sheryl Sandberg, Marissa Meyer, Judith Rodden, Indra Nwyd. They're all going to be present at the annual meeting. There are about eight sessions across the public and private programme that are actually trying to look at gender parity as an issue. We're trying to cover topics as diverse as what are the business goals on gender parity? How do businesses really put practices in place that empower women not just at entry-level positions, not just in middle management, but all the way through to the very top of organisations? Second, looking at public policy around gender parity. What are the types of measures that governments can put in place to create the right kinds of systems within which the division of labour at home and the division of labour at work takes place? Religion and women. Women empowering the next generation of women leaders. How do they pull up that next generation behind them? So a number of issues that are being covered across the programme that look at gender parity. Human capital, which is another area where the forum last year created a significant intellectual effort to try to look at this issue. Clearly, a nation's human capital endowment is one of the most important factors in determining the growth and the medium-to-long-term competitiveness of a country. Yet some countries are facing ageing populations, some countries are facing youth bulges, and there are actually countries that are facing both. So how within that context do you try to ensure that human capital is healthy, is educated, is actually being channeled into the workforce? To try to bring some objective quantitative analysis to that, we launched last year the Human Capital Report. It covers 122 countries, and we're going to be using the findings of that report throughout the annual meeting programme, as well as having a major workshop to try to determine how do we focus our own efforts around education, around health, around employment, and skills in particular over the next year. Finally, on climate change, this is obviously an area which represents a major public good challenge. It's an area where no one entity, not governments, NGOs, businesses, can be working on alone. That's why Davos offers a unique platform to be able to bring these different entities together. In particular, this year is very relevant because we have a collaboration with the United Nations Secretary-General and with the UNFCC to try to build up towards the UN Climate Change Summit in September and use Davos to try to spark off a very large number of public-private collaborations. That's going to be happening through approximately 35 climate change and sustainability sessions taking place in particular on Friday, the 24th in Davos. We're going to be looking at themes as diverse as scaling energy efficiency, reducing deforestation, looking at resilient cities and scaling investment for green energy. Sadio, thank you very much. My colleague Jennifer Blankey, our chief economist, leads two of the biggest research areas at the forum, risk and competitiveness. Jennifer, can you talk us through how some of that research will underpin the discussions in Davos next week? Great. Thank you, Adrian. I'd just like to say that in addition to the important work that has been mentioned by Robert and by Sadio, there is going to be quite a bit feeding into the program in terms of these two areas, competitiveness and global risks. I'd like to just go into a few details in each of these areas to give you a flavor of what that's going to look like. First, on the competitiveness side, clearly the global competitiveness report and some related studies are going to be providing important input. In fact, we've continued to have our regional focus over the year with a number of workshops in various countries and regions in Africa, in a number of places in Latin America, for example in Asia. In particular, there have been two big work streams that we've been working on that I'd like to highlight just to give you a flavor of how we try to really get even more deeply into these topics. First, in Europe, we have been working on trying to understand how to bridge that competitiveness gap that Professor Schwab mentioned earlier. In fact, Professor Schwab released a book a little over a year ago looking really at this concept of the re-emergence of Europe and what needs to be done for that to happen. In this light, the competitiveness and the Europe teams have been working on a work stream, really looking at how to really make this happen. Over the past year, over the course of 2013, we've been looking in particular at the whole concept of the ecosystem of innovation-led entrepreneurship and how you can create this ecosystem really in order to encourage growth and jobs, which is something really so important for the region right now. There will be a report on the topic coming out at Davos next week and then very high-level discussions between business government, as well as members of the European Commission in order to see how this can be driven forward. Obviously, we will continue working on the topic over the coming year and with a number of other reports related to Europe's competitiveness coming out throughout the spring. Now, the second area I wanted to mention is really in line with our desire to effect real change in terms of competitiveness and living standards at the national and the regional level. In order to do this, what we've been doing is working around the concept of the competitiveness lab. The idea here is that workshops are very important, but here you would actually create a task force of business, government, civil society leaders who will work together over a course of one or two years with the goal of actually coming up with actionable agendas for driving competitiveness for improving living standards at the national level. As I mentioned, this will be piloted in Latin America next year. We've already been constituting the task force, and they will be looking at two interrelated issues that have been mentioned already by Saadia, which really are skills and innovation and the gap in Latin America and how those can be filled in order to really give a boost to competitiveness in the region. We will have some meetings in Davos among the task force members who will then move the agenda forward over the coming year. Now, as well as the regional efforts that we've been undertaking over the past several years and particularly over the last year, we've also been working on the concept of city competitiveness. Cities are very important, clearly, as more than 50% of humanity lives in them today. Also, they can be very interesting sort of petri dishes in terms of looking at them for the sorts of levers that you can pull in order to improve living standards, improve productivity, improve competitiveness. Our global agenda council on competitiveness is specifically working with us on this topic right now. What they're trying to do is to come up with a taxonomy, not a ranking, we have lots of rankings, but a taxonomy of competitiveness at the city level. What are the things that you need to have in cities in terms of soft and hard infrastructure in terms of the institutional environment to make them truly competitive? This will be the topic of a session as well in Davos, where we will be talking a bit about the topic. Then we will be releasing a report later in the spring, really looking more at the detail, also calling out a number of cities that are exhibiting best practices. Obviously, one of the factors that keeps coming up and that is very much related to this whole concept of competitiveness is the importance of thinking beyond the short term. It's very important to think long term when you think about the sorts of policies and investments that are needed in order to really place societies and economies on a sustainable track going forward. The importance of taking a long term view is also very clearly reflected in the work that we do on global risks. The Global Risks 2014 report, as you may or may not know, will be released tomorrow morning. While I can't say a whole lot about the report today, given that it will be released tomorrow morning and I hope that you will watch for that, I can tell you that we will be looking again really at the longer term. We're taking a 10-year horizon in terms of understanding in the minds of the world's leaders what are the risks that we really need to be concerned about that can come together in unexpected ways for terrible consequences if they're not dealt with over time. Two of the main messages, again, are the importance of taking that long term view about thinking beyond the next quarter, thinking beyond the next election in order to really set society on the type of path that it needs to be going forward, and second, not surprisingly, that we need government, business, civil society to work together on these issues and across borders because these risks know no borders and without collective action we really cannot solve them. Clearly, the report will provide the basis for a number of sessions at the annual meeting in the annual meeting and I just ask you to watch this space tomorrow. It will be released at 9am GMT. I think just to conclude, I think this gives you a flavor of some of the things that we're doing in our space that we'll be trying to push for action really at the annual meeting and a flavor of some of these longer term insight issues that the World Economic Forum is working on. Thank you. Thanks for my colleagues. We can only bring some 2,500 people into Davos itself, but we try and involve everyone in the discussions that go on there. We've got some 20 plus televised sessions, some 40 plus sessions that will be live tweeted in different languages, and on a variety of different social media platforms, we'll be using those platforms to engage and get opinions from people outside Davos to actually make the conversations in Davos richer and more reflective of the diverse views that we see on all these different matters that we've heard from from my colleagues. We've got time for some questions. If you can just raise your hand, if I can get a sense just looking around the room of who has a question, it'll let me judge how we need to ration the remaining time. If you can tell me both your name and the news organisation you represent, and I'm joined in the room by a number of my colleagues from Europe, Africa, from some of our other research work and the Middle East who will happily pitch in on any deep dive questions you might have. But first off, if I can just see some hands again, and we've got some microphones that are going to come around, so can we start with the gentleman there and the lady on the end? Dr Schwab, this is Jamil Shadeff from the South of Sao Paulo. My question is about the participation of Mrs Dilma Rousseff. She has confirmed. It's an election year in Brazil. You've mentioned very clearly that it is a midlife crisis for emerging countries. What are the challenges or what do you expect to hear from her? And secondly, you also said about new voices. Did you invite the other candidates in the elections in Brazil and are they coming and would you like to hear what their perspectives are for the country? Thank you. Thank you and the lady on the end. Thank you. My questions are for Professor Schwab. The first one is about, would you please share with us your personal understanding of this year's then reshaping the relationship or the difference from the world reform? And the second one is about China. You have mentioned the US and Japan. So how about China? China recently announced a set of reform plans. Would you please comment on that, your expectations or the possible implications of these plans for the country itself or to the world? Thank you. Thanks very much. Thanks. Thank you for those questions. I just can ensure you that we will have senior leader from China in Davos even if he may not be mentioned yet in the list. And as you have seen, we have a very comprehensive delegation of business leaders and particularly also intellectual leaders from China just underlying our longstanding partnership. We invited the first delegation, Chinese delegation to Davos in 79. So it will be 35 years of strong Chinese participation in Davos. Now all the issues you mentioned certainly in one or the other way will be addressed. Now, if I come to Brazil, I am very pleased to have after President Lula, who has also come to Davos, having President Rousseff in Davos. And I'm sure she will be engaged in a number of discussions talking about reforms, talking about how to overcome this midlife crisis because at the end I think she has a track record, particularly in terms of social inclusion, as we all know. And I'm sure that Brazil has all the ingredients to come out of those midlife crisis. So it will be very interesting to listen to her but her presence in Davos I think is a great sign of the confidence she has and the international business community has in the future of Brazil. Thank you. Can I just get a sense from that side of the room? Can we get a microphone to these two gentlemen? Tom Miles from Reuters. Thanks very much. I wondered if you invited Horikowski and if not, why not? And whether he's coming, if you did invite him, and if he's not coming, did he give a reason? And also, can you tell us anything about what you expect from President Rouhani of Iran? How long is he likely to stay? What's he going to do? Who's he going to meet? Thanks very much. OK, thanks for that. I think Mr Kotakowski's release came a little too late to give an invitation to him but I'm going to ask my colleague Marek Ducek to just speak a little bit about President Rouhani. Sure. This is the first time since 2004 that we have a sitting president of Iran in Davos with us. Of course, this is coming at a crucial time in his mandate after the president really created a very constructive momentum around the place of Iran in the world. So that's going to be also the theme of his official engagement with us in Davos around the place of Iran in the world. And, of course, also his view on the relationship with the rest of the world. Thank you. Gentlemen. I respond to your question, Kotakowski. We have a tendency in Davos not necessarily to follow what is in the news at the moment and as far as Mr Kotakowski is concerned, we certainly could consider an invitation next year. It first has to be clear what his future is and that's not yet very obvious. Thank you. Gentlemen, just... Jürgen Dunge, Frankfurtal, Gymraeg. I have a question about the World Economic Forum as an organisation. Professor Schwab, can you confirm that the foundation board will decide during the Davos meeting whether the mandate of Joseph Ackerman will be prolonged or not? And if he gets a new mandate, does it mean that the statutes of the World Economic Forum have to be changed? The World Economic Forum, as you know, is a not-for-profit organisation. We are aware and it will remain a not-for-profit foundation as many other organisations are. What we are doing at the moment is going into the direction of an international institution for public-private cooperation and this will mean some changes also in our institutional documents. For example, you have the first sign in the much stronger presence of international organisations inside our foundation board with leaders of the IMF, of OECD, of some of the development banks, of the Global Financial Sustainability Board, and so on. Exactly. The foundation board takes its own decisions and it's for the board to decide, as our supervisory body, we don't prejudge those decisions. Lady on the front, and if I can take the lady on the back there. My name is Isabel Sacco, I work for the Spanish news agency, Efe. Mr Traff, I see a very strong political presence from Latin America. What is the sense you give to this choice? OK, and can I just take the question from there? Gledig neim, sondag saetwm, tawg y sondag. Mr Schwab, would Angela Merkel have come had she not fallen off her skis? My question is, Syria, is this any topic at all? And the third question concerns hospitality. Do you feel like a milk cow sometimes in Davos? Do you think it's a real issue, the hospitality up there? I'm sorry. The first question, Angela Merkel. It was hard to understand your question. Let's start with Mrs Merkel. You know Mrs Merkel was a regular participant since many, many years in Davos. We regret her ski accidents at all, what I can say. I wish her a speedy recovery. For Latin America, the forum has been involved in Latin America since the 70s, I would say. Latin America is a very important region. You have new developments in Latin America. You have a number of elections. We have all the reform processes going on in Mexico. So it's very appropriate to have Latin America in such a strong way represented in Davos. And there was just a reference to the hospitality of Davos and some of your remarks from last Sunday. Maybe our managing director-in-charge of Swiss relations, operations and resources, Alois Swiggy, may answer this question. Thank you. It is clear that without the support of Davos, the local politicians and the people of Davos, we couldn't pull off this event. And in all these years, we really enjoyed a great support of the community. And we work very closely with the local hotel and restaurant association to make sure that our participants actually have a good experience. Unfortunately, there are always some people who try to take advantage of this unique business opportunity. And we are working with the community to make sure that actually all participants have a good experience. But it is in fact true that one or the other service provider is still in need of improving their service level. Adrian, if I just may say, why we put such an importance to this issue is the following reason. Davos is a carte visite of Switzerland. There is no place where so many important opinion makers are assembled as it is in Davos. So it's not only in the interest of Davos, it's in the interest of Switzerland that we show the best of Switzerland, the best of Davos, the best of the spirit, what is called, the spirit of Davos, which reflects the spirit of Switzerland. Thank you. Lady in the back and on the other side as well. Two hands. I think we're just getting a microphone to you. Okay, thank you. Lisa Schlein, voice of America. I notice in looking through your program that you have quite a few sessions on the refugee situation in Syria. I would like to know whether you are also dealing with the explosion of refugees in Africa. Nothing here has really been said about Africa and I was wondering what sort of an approach or what kind of prominence you are going to be giving with the both economic and social issues which are raining there. Very good point. Can I just turn to, and we'll just get a microphone whizzing up to our director of Africa, Elsie Kansa. Elsie, can you address that for us? Thank you very much for the question and you're absolutely right that Africa and in particular Sub-Saharan Africa are having an upturn in humanitarian crisis. Just for your information, we will have the current head of the African Union. This is the Prime Minister of Ethiopia present and we also expect to have the Foreign Affairs Minister of South Sudan and we plan to have a number of more private discussions with other key opinion makers including Foreign Affairs Ministers of some of the key European countries that have been involved in international organisations just to see how we can create and build on the current sense of momentum and urgency about how the world can mobilize and the region can mobilize to address the tragedies that are unfolding. Elsie, thank you very much. I add one point here. I think it's very important when you deal with this issue like refugees that you have not just a dialogue. Of course we address the issue. It's such a serious issue and you have to create a situation where people can really imagine what it means to be a refugee. For this reason we have two special events in Davos. We have a refugee camp where we simulate for participants a refugee camp so you may go to, if you are in Davos, to experience what it really means to be a refugee. The second thing we are doing we are creating a special space in Davos where we again simulate the experience of a Syrian refugee camp. You are put into the situation of a refugee camp. I stress it because it's one of the issues which are so serious and we feel it's our role to make sure that people really know what it means and do not just have a dialogue and discussion about it. Thank you. Lady of the Bank. Thank you very much. Gabriela Sotomayor from the Mexican News Agency. Mr Shuab, I would appreciate if you can elaborate on the role of Mexico in Latin America and the presence of the President Enrique Peña Nieto. Thank you. The participation of the presidents of Mexico is a tradition in Davos, but I think this year President Peña has a special message because he's now over one year in the office. He, in a very courageous way, has undertaken a number of reforms recently in the energy field. I know it's very contested, but I think it's very crucial for the future of the country. So we are eager to hear more about it. Thank you. I know there's a few more questions still in the room. We're going to have to call this phase of the press conference to a close, but there will be time just afterwards to follow up any questions with my colleagues here on the panel. Thank you for your participation. Thanks everyone for watching, and I look forward to your engagement online and in Davos itself. Thank you.