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From trust to tech: Day 2 at The Davos Agenda 2022

Davos: Special Address by Kishida Fumio, Prime Minister of Japan  Chaired by  - Kishida Fumio, Prime Minister of Japan  - Klaus Schwab, Founder and Executive Chairman, World Economic Forum

Kishida Fumio, Prime Minister of Japan, spoke to Professor Klaus Schwab at The Davos Agenda. Image: World Economic Forum/Pascal Bitz

Joe Myers
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Davos Agenda

This article is part of: The Davos Agenda

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  • Day 2 at The Davos Agenda 2022 heard from the Prime Ministers of Israel and Japan.
  • It also features sessions on the global social contract and COVID-19 vaccines.
  • Here are just three key talking points from today.

Today at The Davos Agenda we've heard from Naftali Bennett, Prime Minister of Israel and Kishida Fumio, Prime Minister of Japan, in two special addresses.

We also featured sessions on the global social contract and vaccine equity.

If you missed it, here are three of the key takeaways.

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A new economic and social future?

The COVID-19 pandemic has left significant marks on all parts of our lives - from health to work to economics. So what comes next as we recover?

"We're in a tremendous moment of change," Nicolas Schmit, Commissioner for Jobs and Social Rights, European Commission told The Davos Agenda.

The pandemic has not lessened the need to tackle other challenges - notably climate change, he said.

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But, it's important that we get economic and social recovery right, particularly in more vulnerable countries, said Nadia Calviño, Deputy Prime Minister and Minister for Economy and Digitalization of Spain.

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So what should the recovery look like? Well, as Calviño said it needs to be equitable.

For example, as Jonas Prising, the Chairman and Chief Executive Officer of ManpowerGroup, explained, we need to address deep-rooted inequalities in the labour market.

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We need to move from shareholder to stakeholder capitalism, said Svein Tore Holsether, President and Chief Executive Officer, Yara International ASA. This isn't just needed, it's expected, he added.

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Prime Minister Kishida Fumio also looked towards the future of capitalism, calling for a new form of liberal democratic capitalism, balancing economic growth and distribution, in his special address.

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The public and private sectors will need to work together to achieve this, he explained.

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Rebuilding trust

But these changes won't happen without trust - a topic that emerged in sessions across The Davos Agenda today.

Whether in response to the pandemic - 'one of the most scarce commodities' Dr Mike Ryan, Executive Director of the WHO's Health Emergencies Programme explained - or, as Sharan Burrow, General Secretary of the International Trade Union Confederation, said, in putting in place a new social contract, speakers today were clear - work is needed to rebuild trust.

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The private sector has a key role to play here, explained Sam McCracken of Nike N7 at the Schwab Foundation for Social Entrepreneurship’s Social Innovators of the Year 2022 award announcement.

And, at the same session, Hahrie Han, the Director of SNF Agora Institute at Johns Hopkins University, said we can rebuild trust if people are offered the opportunity to become architects of their own future.

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Read more on trust here.

The role of technology

From COVID-19 to climate change, technology is set to play a role in a variety of sectors.

Prime Minister Naftali Bennett explained that innovation will be key if we're to avert a climate disaster.

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Technology, in particular data and insights, has also played a key role in tackling the COVID-19 pandemic, he explained.

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It's not without its risks though - remote working has highlighted cybersecurity threats.

But, the COVID-19 pandemic has also revealed the power of digitalization in solving challenges in Japan, for example, an ageing population, Prime Minister Kishida Fumio said.

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World Economic Forum

May 21, 2024

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