12 September 2007
The Inaugural Annual Meeting “From Davos to Dalian: the New Champions Forum 2007” established by the World Economic Forum took place in Dalian, China from September 6th to 8th. Similar to the World Economic Forum in Davos, the Summit in Dalian is a discussion platform for the Community of Global Growth Companies. Announced by the World Economic Forum in May 2007, the newly established Summit in Dalian will be held annually.
The Community of Global Growth Companies is a global organization bringing together representatives of fast-growth emerging economies operating in different fields of business. The main objective of the Community is to create an effective business model to retain leadership positions in the global market.
Only companies meeting following requirements can be members of the Community:
- Having annual revenues between 100 million and 2 billion dollars;
- Experiencing year to year growth rates exceeding 15% ;
- Demonstrating leadership in a particular industry;
- Having effective management systems and aiming at expanding internationally.
Its worth noting that three years ago, Goldman Sachs, the investment bank, published a report recognizing Brazil, Russia, India and China as the world economies with the greatest growth potential. In the next decade, as international experts believe, these countries will achieve economic breakthrough and by the middle of the century outstrip the six current economic leaders (USA, Germany, France, Great Britain, Italy and Japan). The World Economic Forum is planning to contribute to the effective cooperation of its members through the platform of the Community of Global Growth Companies by stimulating the exchange of ideas, broadening business relationships and collaboration between strategic partners.
More than 1,500 representatives from 90 countries and regions participated in the Inaugural Annual Meeting of the New Champions in Dalian, China. The Russian Federation was represented by senior managers of more than 50 Russian companies from different fields of business, such as financial services, transport, telecoms and trade. Nikolai Orlov, a Deputy Chairman of Vozrozhdenie’s Management Board, was recommended as a representative by Troika Dialog, one of the partners of the World Economic Forum.
“The growth rates of emerging countries exceed those of developed countries. The idea to establish this Community of companies, considered to become leaders in their fields in the next 10 to 15 years, has serious perspectives,” said Nikolai Orlov. “We are glad to see that large Russian companies invest their time and efforts in this positive direction, and Bank Vozrozhdenie is pleased to be among the top hundred founders of this business community”.
Several discussion sessions were held during the Summit “From Davos to Dalian: the New Champions Forum 2007”. The sessions were devoted to perspectives on the world’s economic development and specific growth areas, as well as issues of risk management and retention of international competitiveness.