The World Economic Forum, or WEF, is a Swiss-based nonprofit organization that brings together global leaders from business, government, academia, and civil society.

The WEF aims to improve global cooperation by bringing together industry, government, academia, and civil society leaders. Its mission includes fostering dialogue, addressing global challenges, and promoting public-private collaboration for sustainable development. 

It was established by Klaus Schwab in 1971, a German mechanical engineer and economist who serves as the Executive Chairman of the WEF, leading the organization's efforts to improve global cooperation between public and private sectors.

Schwab's vision has shaped the WEF into a prominent platform for leaders to address global challenges and shape agendas worldwide through collaboration; it aims to improve global conditions and shape world, regional, and industry agendas.

The institutional framework includes the following:

• Annual Meetings: The WEF hosts a yearly meeting in Davos, Switzerland, where influential figures discuss global issues, economic trends, and policy challenges.
• Regional and Industry Summits: Beyond the flagship Davos event, the WEF organizes regional and industry-specific gatherings worldwide.
• Agenda-Setting: The WEF shapes global agendas by highlighting topics such as climate change, technology, and inequality.
• Public-Private Cooperation: It fosters collaboration between public and private sectors to address global challenges.
• Reports and Initiatives: The WEF produces research reports, initiatives, and projects to improve global governance and sustainability.
  
  

Video Source: Davos 2024 Highlights | World Economic Forum

The WEF also promotes the Lighthouse Initiative, a community of the world's leading manufacturers using Fourth Industrial Revolution, or Industry 4.0, technologies to transform their factories, value chains and business models to deliver financial and operational results.