Davos 2023 - It's a wrap!

This 2023 edition was my fifth time in #davos and the first full edition in winter after the covid crisis.

Even as the pandemic ebbs, we are still living in a time of remarkable upheaval. Amid global crises such as rising inflation and inequality, rocky supply chains, climate change, polarization and the war in Ukraine, it is not easy to remain optimistic about the future.

Global crises need global responses. As ever, I looked forward to conversations with business leaders, heads of government and senior journalists from all over the world. What would bring me optimism in this challenging time?

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Below you will find my personal top five experiences from this 2023 edition- for what it’s worth.

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1/ “We can no longer afford to ignore quantum computing”?

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During a lively lunch debate, Jack Hidary (CEO from Sandbox AQ) said we can no longer afford to ignore the risks and opportunities of quantum computing.?

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He claimed that Quantum technologies will have a profound impact on our society—from medicine and materials science to banking and clean energy. Such technologies, which include communications, computing, quantum sensing and simulation, will bring many benefits. But they will also make necessary a dramatic shift in the global cyber-security architecture—a process that will start in 2023.

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Currently quantum computers are still in development. But as they become more powerful and more reliable, they will pose a threat to how we transmit and store confidential data including bank transactions, sensitive government information and intellectual property. That is because unlike existing computers, quantum computers will be able to crack the encryption systems that provide secure data communication and storage, and underpin the global economy.

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While the debate in Davos tended to focus on AI and the Metaverse, governments and corporates should have blueprints available to ensure encryption is updated to protect sensitive data of their citizens, companies and clients.

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2/ “We should be more ambitious”

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During the Belgian community dinner, we enjoyed a warm evening reconnecting with Belgian policymakers, business leaders and opinion makers. As ever, networking took a backseat as we welcomed the opportunity to engage with country fellowmen and to disengage with the madness of the Davos crowd. We were in the excellent company of about 50 Belgians who all make their impact in the world, each in their very own way.

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This year, Bart De Smet ( Ageas Group ), Jacques Vandermeiren ( Port of Antwerp-Bruges ), John-Eric Bertrand (| Ackermans & van Haaren ) and Luc Vandenbulcke ( DEME Group ) hosted the evening. Thanks to their continued support, and with the great moderating skills of Peter Vanham ( Fortune ) this edition was truly one to cherish.

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We had the pleasure to welcome our Prime Minister Alexander De Croo , our Foreign Minister Hadja Lahbib , and the Minister-President of Flanders Jan Jambon. Their key message to the audience was that we are a small country with great people and cultural and culinary heritage. Open for business with the world.

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And yet we remain often far too modest on international fora while we quietly excel at many industries such as biotech. “We should be more ambitious” said virologist @Peter Piot, who transformed the world of health with his HIV / AIDS campaigns which started in Davos with the support of Bill Gates. We also hosted Sir @Tim Berners-Lee, who created the world wide web, and was present during the dinner as our guest of honor (many thanks to Rob Heyvaert ).

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3/ “In every investment meeting, I want to have corporate affairs and geopolitics around the table”

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During an early breakfast meeting, organized by 麦肯锡 , we had a discussion on how to build reputational resilience amid a fragmented global order.

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With nationalism and protectionism on the rise, every organization needs to know what they stand for (and what they are against). Not every geopolitical crisis will be as clear cut as Russia’s invasion of Ukraine, in response to which many organizations have chosen to curtail or even halt their Russia operations.?

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In many cases, decisions will be less clear. Therefore, organizations need to take a step back and create market-specific assessments, or “compacts,” that fuse corporate strategy and risk management. These compacts should be clear in the organization’s priorities in high-risk markets and the criteria on which organizations assess and manage risks. These risks could come in many guises including financial, health and safety, legal, political, or reputational—for example, working with the public sector in countries governed by authoritarian regimes.

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A clear stance is a prerequisite for the second step in building reputational resilience: developing a coherent values-driven narrative. Indeed, many organizations today are struggling with how to explain their presence in markets governed by authoritarian regimes. There is a recognition that the old argument of wandel durch handel (change through trade) has dimmed.

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Whichever narrative an organization chooses, it needs to bear in mind that, in the age of instant information, the story told in one market won’t stay there. And a narrative that works in one place could inhibit market opportunities in another, or create sensitivities internally and among regions. In short, there is no silver bullet.

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With a clear narrative, the third step in bolstering reputational resilience is a robust government and public-affairs capability to communicate the narrative to key stakeholders. While the ultimate responsibility of articulating the narrative falls on the CEO, government and public-affairs professionals are critical to managing stakeholder relations, cultivating “air cover” in sensitive markets, and providing an escalation mechanism for CEO and leadership-level engagement.

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4/ “We should listen more.”

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Furthermore I was particularly impressed by The Global Listening Project, which was co-founded and co-chaired by Heidi Larson . The Project is a new initiative dedicated to driving real understanding and positive action to better prepare society for times of crisis. They use listening and dialogue to enable cooperation, cohesion and greater security.

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The project is dedicated to building societal cohesion as a key element of preparedness for future crises, capturing sentiments and experiences around the world on the recovery from Covid-19, as well as the multiple issues around inequity, injustice, gender, and societal trust which the pandemic exacerbated and exposed.

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From this important mapping of global public sentiments and experiences, at this crucial moment in history as we transition to Covid-recovery, Project will identify key issues that will resonate globally to inform an Index that can measure the public preparedness for future emergencies that need public cooperation. Hence it is vital to boost resilience as a foundational measure of public readiness, that is largely missing in current pandemic and other emergency preparedness reports and guidance.

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5/ “Chips, chips and chips.”

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According to Pat Gelsinger, the CEO of 英特尔 , the future is semiconductors. At an early breakfast meeting, Gelsinger said that the semiconductor industry is expected to double by the end of the decade, with chips emerging as the strategic asset of the 21st century, as Europe and the U.S. seek to bump up their capabilities.

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Pointing to the crisis in the global supply chain that emerged during the covid pandemic, Gelsinger welcomed both the US and EU chips acts — legislative efforts to bolster domestic production of semiconductors and reduce dependencies on China.

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Intels two big announcements last year were plans for mega-plants in Ohio and Magdeburg, Germany — a big boost for American and European plans to strengthen chip production.?

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The German investment has hit some roadblocks. Gelsinger was careful not to call it a “delay,” but admitted the company is looking for more support and incentives from Berlin. “The fundamentals of the project need to be competitive, so we’re still doing some negotiations,” he told reporters. His comments point to a challenge for American and European governments as they try to bolster their semiconductor industries — how much financial support companies will demand in return for investment.?

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In recent years it was hard to come away from Davos with much optimism. Overall, conversations in this 2023 edition were surprisingly optimistic. Although there are obviously still worries we are sleepwalking into a future that is poorer and less secure. And yet again, we will have to find a way forward. Change is difficult. But never underestimate the power of talk. Conversations in Davos help to create a consensus about the need for collective action at the global level. That’s ultimately what #Davos is all about. Nothing more, nothing less.