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Welcome, Mr. Bulcke. Thank you for coming and for taking the time.
So what issues are at the top of your agenda for this year's annual meeting
especially in your capacity as co-chair?
Good morning.
Well this year we celebrate the 40th anniversary of the World Economic Forum
and over these years the forum has provided a unique platform, creating new
and valuable perspectives and exchanges and its mission
to improve the state of the world.
Over these years the world has changed dramatically.
Yes, indeed, today it is changing faster than ever.
We are living in very interesting times.
And in spite of some perceptions, many positive things are happening.
For example, emerging economies are developing fast which is significantly
reducing rates of absolute poverty.
These decrease from more than 60% TO 23% and worldwide GDP per capita doubled
over the same period.
It is the private sector that is the main source of these positive developments;
companies, small and large, hundreds of millions of entrepreneurs
creating opportunities, jobs, making new products in line with consumers' demand.
The private sector run in a principled way based on strong values and with a long
term perspective is a fundamental force for positive development in society.
And honestly, it is our firm belief that we, as a company,
can only be successful over time.
We can only create shareholder value in other words if we firstly connect
positively with - and create value for society at large.
We call this creating shared value.
This is the fundamental role of business and society, to be the engine for
development and to create value and prosperity.
What is your outlook for the global economy in 2011 and beyond?
Well, you see that with these rapid changes come increased volatility,
uncertainty, complexity, and ambiguity. And today if all that has happened over
the past years, we feel like we are at a turning point.
The main theme of the forum's 2011 annual meeting
"Shared Norms for the New Reality" reflects this very well.
We are faced with both short term and long term challenges.
Over the short term we must manage the debt crisis,
we can't continue living beyond our means.
We have to rethink our priorities and value systems especially in the developed world.
We have to organize ourselves in response to new challenges and refresh our regulations.
But over-regulation is not a good option. You cannot regulate, for example, honesty.
How do you that? You can't.
I'm a true believer in a principle-based approach to business rather than an
excessively rule-based system which will only asphyxiate entrepreneurship
initiative and growth.
The wiser choice is to agree to shared norms for our new reality based on strong
and explicit global principles, the very ingredients that we need to fuel development.
Then over the long term, we are seeing tectonic shifts in development and in
economic growth affecting different stakeholders in different ways.
So it is truly vital that we ensure and maintain a balanced framework for stable,
sustainable development and in open, liberal, and globalized system
where sound entrepreneurship can flourish and continue
creating shared value for society as a whole.