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:
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.