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| World
Economic Forum Annual Meeting 2008:
The Power of Collaborative Innovation 23-27 January, Davos, Switzerland |
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| Watch the pre-Davos press
conference For over three decades, the World Economic Forum Annual Meeting has provided an unrivalled platform for leaders from all walks of life to shape the global agenda at the start of each year. At the core is its multistakeholder model that leverages the collective wisdom of leaders from business, government, the media, academia, the arts and civil society by building a global platform for collaboration and action to address priorities on the global agenda. The Power of Collaborative Innovation Looking to the future, it becomes readily apparent that complexity, competing interests and scarce resources remain the greatest obstacles to progress on the global agenda in the absence of greater leadership and global stewardship. It is in this challenging context that the World Economic Forum will highlight The Power of Collaborative Innovation as the principal theme for the Annual Meeting 2008 in Davos. A "shifting power equation" was the framework in which the global agenda was discussed in Davos at the beginning of 2007. As we look towards 2008, this shift will continue to influence the strategies of business, government and other stakeholders in the world economy. But closer examination of the international environment also reveals that leadership vacuums are beginning to emerge on a wide range of critical issues looming on the horizon. Moreover, a paradox has emerged in our networked world where knowledge is ubiquitous and change is rapid, but the absence of a common vision and agenda ensures that the status quo will be maintained with respect to major global challenges. The focus on collaboration and innovation underscores the opportunity to leverage the Forum’s multistakeholder model so that platforms can be built for like-minded communities to initiate necessary changes together. The Annual Meeting 2008 programme will be based on the following five conceptual pillars: Business Competing While Collaborating Economics and Finance Addressing Economic Insecurity Geopolitics Aligning Interests across Divides Science and Technology Exploring Nature’s New Frontiers Values and Society Understanding Future Shifts Co-Chairs Tony Blair, Prime Minister of the United Kingdom (1997-2007); Member of the Foundation Board of the World Economic Forum James Dimon, Chairman and Chief Executive Officer, JPMorgan Chase & Co., USA K.V. Kamath, Managing Director and Chief Executive Officer, ICICI Bank, India Henry Kissinger, Chairman, Kissinger Associates, USA Indra K. Nooyi, Chairman and Chief Executive Officer, PepsiCo, USA David J. O'Reilly, Chairman and Chief Executive Officer, Chevron Corporation, USA Wang Jianzhou, Chief Executive, China Mobile Communications Corporation, People's Republic of China |
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| About the World Economic Forum: World-class governance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The World Economic Forum is an
independent, international organization incorporated as a Swiss
not-for-profit foundation. We are striving towards a world-class corporate
governance system where values are as important a basis as rules. Our motto
is ‘entrepreneurship in the global public interest’. We believe that
economic progress without social development is not sustainable, while
social development without economic progress is not feasible.
To carry out its mission, the World Economic Forum has developed an integrated value chain by involving world leaders in communities, inspiring them with strategic insights and enabling them through initiatives.
History and Achievements History The World Economic Forum was first conceived in January
1971 when a group of European business leaders met under the partronage of
the European Commission and European industrial associations. German-born
Klaus Schwab, then Professor of business policy at the University of Geneva,
chaired the gathering which took place in Davos, Switzerland. He then
founded the European Management Forum as a non-profit organization based in
Geneva, Switzerland, and drew European business leaders to Davos for their
annual meeting each January. Initially, Professor Schwab focused the
meetings on how European firms could catch up with US management practices.
He also developed and promoted the "stakeholder" management approach which
based corporate success on managers taking account of all interests: not
merely shareholders, clients and customers, but employees and the
communities within which they operate, including government. Taking Growth Global: The World Economic Forum’s Community of Global Growth Companies The rate at which emerging companies are appearing on the world stage is changing the global economic landscape. Visionary companies can expand more rapidly than ever before, yielding dynamic new business opportunities, improving infrastructure and generating employment around the world. The World Economic Forum’s Community of Global Growth Companies (GGCs) was created to recognize the next generation of industry leaders. It supports them as they navigate the challenges of new geographies, markets, cultures and regulatory systems as they become a major driving force in social and economic development. The Community of Global Growth Companies consists of companies that:
Since the Community’s inception in 2007 (see press release), more than 150 rapidly growing companies (PDF) from around the world have joined as members. These member companies benefit from a programme of structured content, delivered by Strategic Partners of the Forum, as well as informal, peer-to-peer exchanges of experiences and best practices. The GGCs join the Forum’s Technology Pioneers and Young Global Leaders to form the Forum’s Community of New Champions. Members of this Community have opportunities to come together at all Forum regional meetings as well as at the Annual Meeting of the New Champions. The Inaugural Annual Meeting of the New Champions, an overwhelming success, took place in Dalian, People Republic of China, from 6-8 September 2007. The second Annual Meeting of the New Champions will take place from 25-27 September 2008 in Tianjin, People’s Republic of China. Contact us Switzerland Centre for
Global Industries Industry
Partnership What is the aim of Industry Partnership? What is the Value Delivered? What are the Privileges for 2008? |
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Berne
Sources: The World Factbook (www.cia.gov), Bureau of Export Trade Promotion (BETP, Annual and Post Reports of the Philippine Embassy, Berne |
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| Overview of Philippines - Switzerland Relations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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POLITICAL COOPERATION The Philippines and Switzerland established diplomatic relations on 30 August 1956. Relations between the Philippines and Switzerland can be traced back to the early 1800s when Swiss traders, missionaries and travelers ventured into South East Asia. The initiative to open a Swiss official representation in the Philippines was first taken up in 1851. However, it was only 11 years later, in 1862, that a Swiss honorary consulate was established in Manila, the first Swiss diplomatic post established in Asia. Since then, exchanges between the two countries have flourished, particularly in the political, economic, social and cultural fields. The Philippine Embassy in Berne is currently headed by Charge d’ Affaires Lamberto V. Monsanto while the Swiss Embassy in Manila is currently headed by Ambassador Peter Sutter. For the year 2005, a highlight of bilateral relations was the convening of a High-Level International Workshop on Federalism and Multiculturalism on 03 October 2005 in Manila which gathers representatives from the academe, the government, and civil society for an exchange of views on federalism, an issue that has assumed prominence of late in debates relating to the life and future of the Filipinos. Its purpose is to promote a greater awareness and understanding of the issue, the benefits that it could offer in responding to our country’s challenges, and whether it can be the most suitable or appropriate alternative form of government for our people given our cultural diversities. The activity was made possible through the joint efforts of the Philippine Embassy in Berne, the Swiss Embassy in Manila, the Swiss Federal Ministry of Foreign Affairs, the Institute of Federalism in Fribourg, the University of the Philippines’ Center for Local and Regional Governance of the National College of Public Administration and Governance, the Forum of Federations, the Office of Senator Aquilino Pimentel, Jr. and the Department of Foreign Affairs. Recovery of Marcos assets The highlight of Philippines-Swiss relations was the mutual legal cooperation that successfully recovered US$ 683 million of assets of former President Ferdinand Marcos and Imelda Marcos stashed in Switzerland. This came about after the Swiss Supreme Court ruled in December 1997 and January 1998 to return the ill-gotten wealth to the Philippine Government. This was affirmed by the Philippine Supreme Court on separate rulings on 15 July 2003 and 18 November 2003. Mutual legal cooperation for the recovery of other Marcos assets are still continuing with the Swiss government. The Presidential Commission on Good Government (PCGG) is spearheading these efforts. Agreements The Philippines and Switzerland have concluded several agreements. These are in the fields of air services, visa waiver, extradition, investment, taxation, social security, natural disaster, mutual legal assistance, readmission, exchange of trainees, and maritime.
Exchange of visits (from 1987-2003) Since 1987, Philippines and Switzerland bilateral relations have continued to gain pace through dynamic exchanges of visits. For the year 2004, both countries conducted the 2nd Political Consultation in Manila. A Philippine business processes outsourcing (BPO) and IT mission also visited Switzerland in November 2004, which aimed to promote the Philippines’ competitive advantage in this field. This year, Swiss parliamentarians attended the 112th Assembly of the Inter-Parliamentary Union (IPU) in Manila.
TRADE AND ECONOMIC COOPERATION Philippine-Swiss business relations go back to the last century and may be described as modest but solid. To date, efforts to further expand economic relations were manifested in the Philippine IT and BPO Mission to Europe in November 2004. Switzerland was the first and the most successful leg of the mission among the four countries visited. It opened potential new partnerships, particularly in business processes outsourcing and IT-enabled services, given the Philippines’ competitive edge in these areas. Bilateral Trade In 2002, the Philippines saw a steady increase on our total trade with Switzerland, although the balance of trade remains in favor of the latter. Trade figures for the year 2004 placed Switzerland as the Philippines’ 25th trade partner, accounting for 0.41% of Philippine (total) trade with the world. Trade relations between the two countries grew by 36%, valued at US$329 million, registering a significant increase from US$210 million posted in 2003, with the balance of trade lying in favor of Switzerland. Philippine exports were valued at US$25.6 million as against Philippine imports at US$302.9 million. For the year 2005 however, our total trade decreased by US$58.87M or 17.91% from the previous year. Our exports for this year remained at US$25M mark while our imports declined by US$57.53 M or 19.04% compared with the previous year. Electronic goods were the main products exported to and imported from Switzerland by the Philippines last year. The Philippine products for promotion to Switzerland are: 1. Information Technology (IT)
services SUMMARY OF RP-SWITZERLAND BILATERAL TRADE (in million US dollars)
2005 TOP 5 PHILIPPINE EXPORTS TO SWITZERLAND (in million US dollars)
2005 TOP 5 PHILIPPINE IMPORTS FROM SWITZERLAND (in million US dollars)
Sources: National Statistics Office (NSO), Bureau of Export Trade Promotion (BETP) Investments For the years 1996 to 2005, Swiss investments in the Philippines totaled US$2,365.61 million, US$805.41 million (or 34.09%) of which, represents Swiss foreign direct investments, while the remaining US$1,557.20 million (or 65.91%) is portfolio investments. In 2002, BSP-registered Swiss FDI (equity) were valued at US$570 thousand, while portfolio investments amounted to only US$ 31.26 million. Although these data illustrate a sharp contrast to the figures posted by Switzerland in 1999 amounting to US$1.086 billion (combined equity and portfolio investment), foreign direct equity investment for 2003 modestly increased to US$10.41. In 2004 FDI figures also showed a radical decline to only US$0.61 million, but nevertheless its investment increased to US$1.17 for the period January to June 2005. Foreign portfolio investments on the other hand continued to post a modest upward trend since 2002. SUMMARY OF BSP-REGISTERED SWISS INVESTMENTS IN RP 1996–2005 (In Million US dollars)
*January to June 2005 figures only/Source: Investment Relations Office, BSP There are about 55 established Swiss firms operating in the Philippines, which are engaged in the following industries: 1. pharmaceutical/chemical Source: Office of European Affairs, DFA |
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| Overseas Filipinos in Switzerland | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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While a combined number of 8,936 Filipinos is registered at the Philippine Embassy in Berne and the Philippine Consulate in Geneva, it is estimated that some 10,000 Filipinos live in Switzerland, which include those who are married to Swiss nationals. Filipinos living and working in Switzerland migrated to the country as spouses of Swiss nationals; as professionals employed by UN agencies and other international organizations or by Swiss and multinational companies; as nurses and health care givers; as service workers engaged by foreign diplomatic missions and their personnel; as representatives of churches and religious organizations; or as employees in other sectors. In general, Filipino workers in Switzerland enjoy satisfactory working conditions and terms of employment. They are among the highest paid workers in Europe. Generally, complaints have been settled amicably through informal discussions with the employers. As in other countries, Filipinos in Switzerland have formed organizations to foster fellowship and friendship, as well as to keep alive Philippine culture and traditions. Many groups organize social and cultural events, such as cultural presentations, fairs and festivals, as well as to raise funds to assist the needy in the Philippines. Furthermore, some organizations offer counselling services, seminars on integration, Swiss federal and cantonal legal system, Swiss customs and traditions, language lessons (Filipino and German), computer courses, folk dance lessons, and spiritual recollection and fellowship sessions. There are presently 50 Filipino-Swiss organizations; 5 resources centers (in Berne, Zurich, Chur, Basel and Zug) and 15 business entities established in different parts of Switzerland. Source: Office of European Affairs, DFA |
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| Country Profile: Dubai of United Arab Emirates (UAE) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Geography The United Arab Emirates (UAE) lies on the southern shores of the Arabian Gulf, nearly stretching to the Straits of Hormuz in the north. In the south and west, the emirates border Saudi Arabia, and Oman is to the east. Except for the emirate of Fujairah on the Gulf of Oman, most of the country is focused on the Arabian Gulf coast. The emirate of Abu Dhabi is the largest of the seven, occupying around 87% of the total land area. Most of Abu Dhabi is a sand desert, whereas the other emirates are all mixtures of semi-desert and scrubland, with some mountainous terrain in the east of the country towards the border with Oman. The climate can be very harsh. In summer, temperatures reach the high 40s C and with paralysing humidity levels on the coast. Recent History The UAE is a federation of seven sheikhdoms: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Qaiwain. Along with Bahrain and Qatar, these emirates became known as the Trucial States on account of a defence pact they signed with Great Britain in 1853. Following Prime Minister Harold Wilson's announcement in 1968 that the British would withdraw from the region three years later, the emirates, fearful of their larger neighbours, began to draw together, largely under the guidance of Abu Dhabi's ruler, Sheikh Zayed. Upon British withdrawal in 1971, six of the Trucial States formed the federation. Qatar and Bahrain chose to remain independent, whilst Ras al-Khaimah joined in 1972. Oil was first discovered in Abu Dhabi in 1958, followed by further discoveries in Dubai and Sharjah. Offshore oil exports began in 1962 and onshore exports a year later. In just four decades, the revenues from oil and gas have transformed the pearl-diving communities of Abu Dhabi and Dubai into two of the wealthiest cities in the world, where gleaming high-rises soar from a false oasis of lush gardens and palm-lined avenues. The unexpected death in January 2006 of Sheikh Maktoum bin Rashid Al Maktoum, the ruler of Dubai and vice president and prime minister of the UAE deprived the country of a second leader in as many years. In November 2004, the population mourned the death of Sheikh Zayed bin Sultan Al Nahyan, Abu Dhabi's long-time ruler and President of the UAE. Sheikh Maktoum had presided over Dubai’s growth after the death in 1990 of his father Sheikh Rashid bin Said, who was responsible for laying the foundations for the modern city. Sheikh Zayed was instrumental to the formation of the UAE in 1971 and is credited with adeptly guiding the oil-producing state through decades of peace and stability. Maktoum and Zayed were widely admired and respected both locally and internationally for the fair way in which they distributed the country's wealth and for their skilful diplomacy. Sheikh Mohammed bin Rashid, the high-profile younger brother of Sheikh Maktoum, who has been widely acknowledged as the de facto day-to-day decision maker in the emirate in his previous role as the crown prince, assumed the rule of Dubai and was elected vice-president and prime minister of the UAE, while Sheikh Khalifa bin Zayed Al Nahyan, Zayed’s oldest son, became ruler of Abu Dhabi and was elected President of the UAE. Government and Politics Each of the emirates is headed by a hereditary ruler, and these form the UAE's Supreme Council of Rulers, itself headed by the President. The presidency is renewable every five years through a vote in the Council. Sheikh Zayed bin Sultan Al Nahyan held the presidency from the formation of the UAE up until his death in November 2004. The Council of Ministers (or Cabinet) forms the executive authority of the federal state. A prime minister, chosen by the President in consultation with his six other colleagues in the Supreme Council of Rulers, heads the Cabinet. The prime minister selects the Cabinet's ministers from any of the seven emirates, the more populous emirates generally providing the greatest number of ministers. The Federal National Council is a 40-member, consultative and legislative body, to which the Council of Ministers refers. Each emirate appoints a certain number of members, eight each in the cases of Abu Dhabi and Dubai. In 1981, the UAE helped found the Gulf Cooperation Council (GCC), together with five other Gulf countries: Bahrain, Kuwait, Oman, Saudi Arabia and Qatar. Major Political Players Sheikh Khalifa bin Zayed Al Nahyan: Ruler of Abu Dhabi and President of the UAE. Sheikh Mohammed bin Rashid Al Maktoum: Ruler of Dubai, vice-president and prime minister of the federation. Sheikh Sultan bin Mohammad Al Qasimi: Ruler of Sharjah. Sheikh Saqr bin Mohammad Al Qasimi: Ruler of Ras al-Khaimah. Sheikh Humaid bin Rashid Al Nuaimi: Ruler of Ajman. Sheikh Hamad bin Mohammed bin Hamad Al Sharqi: Ruler of Fujairah. Sheikh Rashid bin Ahmed Al Mualla: Ruler of Umm al Qaiwain. Population Precise population figures are difficult to gauge owing to a lack of reliable statistics. Estimates taken from censuses, past population figures and extrapolation put the figure above 5m, but the official number is 4.3m, of which just 600,000 (12%) are local and the rest expatriate. The continued influx of foreign workers swelled the population by an estimated 7% in 2003. A minority local population is not unusual in the Gulf region, but the proportions in the UAE are greater than in other countries. It is clear, however, that the national community is growing, which is causing some pressure on employment. Accurate employment figures are also hard to come by, but only around 5% of the national workforce is registered as looking for work, far lower than other GCC countries, such as Bahrain and Oman. This is largely because the country's considerable hydrocarbon wealth allows the public sector to employ a far greater proportion of the native labour force. The policy of emiratisation demands that many private companies retain a minimum quota of nationals on the payroll. The local population, therefore, tends to expect comfortable white-collar jobs in managerial roles whether or not they are qualified for such positions. Moreover, there are far more women looking for jobs these days, according to the official numbers of registered UAE national jobseekers. The expatriate population, especially those from South Asia and the sub-continent, carry out the majority of the manual labour – from construction, through manufacturing, to engineers on the oil fields. It is estimated that over 1m Indians alone are living and working in the UAE. There are also around 450,000 Pakistanis and many people from Bangladesh and Afghanistan. Workers from the Indian sub-continent often face long waits for work permits in the UAE. The country offers far better opportunities than are available in their homelands, although without a national minimum wage, there have been reports of abuse and exploitation. Most of the money earned by these expatriates is sent home, as only workers who earn above a certain threshold are entitled to bring their wives and children with them. Most of the expatriates working in private households are from further afield, such as Sri Lanka, Thailand and the Philippines. Women are more prevalent in this sector than others. Since it is mandatory for all children to attend school at primary and secondary levels, the UAE has a fairly strong literacy rate at 78%. Despite this high literacy rate, public schools have been falling well behind the private sector, which now accounts for 50% of pupils. Standards are also starting to slip in some public hospitals, many of which were built in the 1970s or early 1980s and have never been fully renovated. The Khalifa Hospital and the new Central Hospital, which have both been kitted out with the latest equipment and are operated by highly competent staffs, demonstrate that financing is available for the public health sector. Both of these hospitals, however, are reserved only for nationals. The vast majority of the local population is Sunni Muslim, although there are a very small number of Shiite families, mainly in Dubai. The numbers are so small that no tension arises between these communities. Most of the imported labour is also Muslim, although this is by no means a pre-requisite. There are many expatriate Christians as well, especially from the South Asian islands and from Europe. Islam is the official religion of all seven Emirates and the federal UAE. The government generally adheres to the principle of religious tolerance, and freedom of worship is enshrined in the federal constitution provided that religious practices do not conflict with public policy or violate public morals. There are several Christian churches across the country, often right next to mosques. Economy Despite efforts to diversify, the UAE remain to a large extent dependent on income from hydrocarbons. Current estimates put total UAE production at about 2.2m bpd, which could rise to 4m bpd in the long term. Oil and gas provided over 30% of gross domestic product (GDP) in 2003 and 2004, and should be even greater in 2005. Hydrocarbon exports rose to $29.6bn in 2003, accounting for around 90% of total exports and are expected to average around $35bn in 2004 and 2005. A growing non-hydrocarbon sector, however, driven particularly by Dubai, means that the UAE remains one of the least oil-dependent nations in the GCC. Oil dependence can cause major problems in a country's economy, not least because it is a finite resource, but also because it pegs the success of the economy to the price of a barrel of oil. The UAE did not suffer as badly as some other Gulf countries from the last drop in oil prices in the late 1990s, but the reduction in national income did have a negative effect in sectors that rely heavily on government spending, such as construction. On the back of recent surges in the price of oil, however, the economic picture for the UAE has changed dramatically and the economy grew strongly in 2004 and 2005. Abu Dhabi and Dubai are the economic powerhouses of the UAE, with Abu Dhabi contributing 61.1% of GDP and Dubai 24%. Abu Dhabi holds 94% of the UAE's total oil and gas reserves, which account for almost 10% of the world's total and are predicted to last about another 100 years. Dubai and the northern emirates, on the other hand, have relatively little oil. Dubai's reserves are only expected to last about another ten years. MEES figures suggest that Dubai is currently exporting 170,000 bpd, down from a high of around 400,000 in the late 1980s. As a result, Dubai has spearheaded attempts to diversify the economy and encourage private sector activity. Dubai has a strong base in trade, especially re-export through its free zones. Much of the UAE manufacturing industry is also located in Dubai, the biggest of all being Dubai Aluminium (Dubal), which is said to account for 9% of Dubai's GDP. The concept of free zones, in which 100% foreign ownership is allowed, has taken off in the UAE. The first was the huge Jebel Ali Free Zone, located just south of Dubai city. Dubai's success in creating a non-oil sector, which currently accounts for 93% of the emirate's GDP, has prompted the other emirates to flirt with a similar market-friendly approach. Although it started slowly, Abu Dhabi has been pushing ahead with the privatisation of many of its state-run utilities and industries. Many of the emirates have found that the development of a tourism industry is their best chance for diversification. Dubai, again, continues to be the leader in this field, punctuated by multibillion dollar projects such as the Burj al-Arab hotel, and offshore reclaimed land projects, including the Palm series and The World islands. It has also been the trailblazer in retail tourism, attracting millions of people for shopping festivals held several times throughout the year. Abu Dhabi boosted its nascent tourism industry by building its own iconic hotel, the Emirates Palace, and is designating a few areas for real estate and resorts. Ras al-Khaimah and Fujairah are also opening up their land to tourism development, taking advantage of their mountains and beaches to attract visitors. Sharjah has promoted its museums and cultural sites, and in the past has attracted families and traditional vacationers because of the emirate’s conservative values. Overall, the northern emirates are weaker economically than Abu Dhabi and Dubai. Sharjah is somewhat of an exception as it accounts for 12% of the UAE's manufacturing and does have some oil and gas, which it supplies to Dubai. Generally speaking, they are dependent on the federal system, receiving considerable financial help from Abu Dhabi. The UAE's banking sector has enjoyed a run of profitable years, and in January 2005, the National Bank of Abu Dhabi (NBAD) announced profits above of Dh1bn ($272m) for the first time in its history. The combined assets of the UAE's 47 banks (21 national banks and 26 foreign banks) totalled $100bn in 2003. Dubai is attempting to put the UAE on the international financial map by embarking on the ambitious Dubai International Financial Centre (DIFC), a “free zone” striving to achieve global best practice complete with its own regulator and court system. The UAE's capital markets have also undergone rapid growth and development in recent years. The UAE operated an informal over-the-counter (OTC) market for years, but a crash in the late 1990s prompted the creation of more formal markets in both Abu Dhabi and Dubai. A raft of IPOs throughout 2004 and 2005 has increased the market capitalisation considerably, and the two markets are linked electronically to create, essentially, one market with two floors. Besides the general upward trend of the domestic markets, two international financial bourses opened in Dubai in 2005. The DIFC launched the Dubai International Financial Exchange (DIFX) in September, while the Middle East’s first gold exchange, Dubai Gold and Commodities Exchange (DGCX), started in November. |
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2007: German Chancellor, Angela Merkel, set
out Germany's G8 presidency objectives of "growth and responsibility" at the
Annual Meeting 2007.