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New York to host World Economic Forum from Jan 31

More than 3,000 world's richest business people, CEOs, top government leaders, academics and financial analysts will rub shoulders here for five days from Thursday and consider ways to give fresh impetus to the slowing economy.

The World Economic Forum, a private enterprise dubbed by the opponents as the rich men's club, has moved its annual meeting from Davos to cosmopolitan New York where its organisers hope to give it a new direction.

The meeting is being held at a time when exuberance of 1990s has given way to nervousness over economic slowdown and September 11 terrorists attacks are once again giving more robust roles to governments which is anathema to most of its participants.

The change in atmosphere could mean meaningful discussion in serious and somber manner that could, in turn, enhance its credibility, analysts say.

Participation in the meeting comes with high price tag. According to published figures, each company must pay $17,647 plus $7,353 per participant.

Finance Minister Yashwant Sinha is listed to participate in two panel discussions on 'Global Economic Outlook' and 'Attracting Capital Inflows in a Risk Averse Environment'.

Indian business would be represented, among others, by Rahul Bajaj, chairman of Bajaj Auto, N R Narayana Murthy, chairman of Infosys Technologies, Kiran Mazumdar, chairman of Biocon India, Rajendra K Pawar, chairman NIIT, Kallam Anji Reddy, chairman Dr Reddy's Group and Ajit Gulabchand, chairman of Hindustan Construction Company.

Also participating would be Shobha Arole, co-founder of Comprehensive Rural Health Project, Jamkhed, and well-known film director Shekhar Kapur.

Dozens of panel discussions have been slated each day, starting at breakfast table and going through lavish lunches and dinners until after-dinner nightcap, to discuss subjects ranging from business challenges and business innovation to terrorism and good governance and fighting poverty to religious conflicts.

But not many participants might attend the panels that would be academic in nature. More important will be meetings behind the scene between business people for whom the Forum provides a rare opportunity to be together at one place and thus compensates the price they had paid to attend it.

Since rivals are always there, it is also an occasion for them to keep watch on one another's activities especially the meetings to guess the rivals' next move.

In fact, in the previous meetings, protests and private meetings had become major news rather than what the Forum discussed. At the current meeting the press is barred from the main venue, the posh Waldrof Astoria Hotel, and facilities for it would be provided in a nearby hotel.

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