Quantifying the benefits of participating in a global economic event is challenging, as the outcomes often involve a time lag. The government has described Pakistan’s engagements at the World Economic Forum in Davos, Switzerland, last month as fruitful, citing a range of economic, diplomatic and reputational gains aligned with the country’s strategic priorities.

Without details on the government’s cost for the four-day event at the Alpine resort hosting the global elite, it is difficult to assess its utility, especially for a country that narrowly averted financial collapse last year with multilateral and bilateral donor support.

“In a country like Pakistan, where tough conditions have pushed half the population below the poverty line, the salaried class sacrifices daily need to meet tax demands and development budgets are cut to satisfy donors, the government must account for every dime spent. Controlling the purse strings doesn’t justify wasteful spending. Parliament must monitor expensive foreign trips, and the government should disclose cost alongside benefits for all initiatives,” he added.

The World Economic Forum (WEF), held from Jan 20-24 under the theme ’Collaboration for the Intelligent Age, ’ brought together 3,000 attendees from over 130 countries. According to the WEF website, the event featured more than 50 heads of state and hundreds of key leaders from governments, corporate sectors and civil society.

‘While Pakistan did not have an official pavilion at the WEF, its presence was strongly felt through impactful engagements, strategic meetings, and key events’

Khurram Schehzad, Advisor to the Finance Minister, avoided directly addressing questions about the size of the delegation and participation of officers from Pakistani missions abroad, which could provide insight into the financials. In response, he stated: “The delegation, led by the finance minister, included senior officials and key stakeholders. The team that received the finance minister in Davos comprised Pakistan’s permanent representative to Geneva, the ambassador to Switzerland and his team. Diplomats from other Pakistani missions abroad also actively supported Pakistan’s engagements.”

He did not provide an approximate quantitative assessment but emphasised that Pakistan pursued its objectives of attracting strategic investments, strengthening global partnerships, and reinforcing its position as a resilient and forward-thinking economy.

“Finance Minister Aurangzeb engaged with global financial leaders, including the heads of international financial institutions, multilateral organisations, private banks, business conglomerates, and government officials. He participated in high-profile discussions on debt sustainability, trade, digital investment, and economic resilience, reinforcing Pakistan’s commitment to economic reforms, innovation, and sustainable development,” Mr Schehzad offered.

A source familiar with the WEF and Pakistan’s hierarchy claimed that the country did not officially attend the annual WEF meeting but participated in activities on its sidelines, suggesting that Pakistan may not have received a formal invitation. A private company led by a well-connected Pakistani facilitated participation in these side events, the source alleged, which explained the absence of a Pakistan pavilion. However, a former diplomat dismissed this as misinformation, asserting, “Participation must certainly be by invitation. It’s not a favour but a requirement of the WEF organisers.”

In response to a query in this regard, the advisor clarified, “While Pakistan did not have an official pavilion, its presence was strongly felt through impactful engagements, strategic meetings, and key events.” The finance minister was the chief guest at the “Investment in Pakistan” lunch, hosted by the Pathfinder Group, where he highlighted Pakistan’s economic reforms, investment potential, and opportunities for global investors.

“Finance Minister Aurangzeb met with Prime Minister [of Malaysia] Anwar Ibrahim, Bangladesh Chief Advisor, Dr Muhammad Yunus, Saudi National Bank Chairman Saeed bin Mohammad Al Ghamdi, World Bank Managing Director, Anna Bjerde, finance ministers from Saudi Arabia, Qatar, and Egypt, CEO of DP World Rizwan Soomar, VEON & Jazz CEOs, Bill & Melinda Gates Foundation President, Rodger Voorhies, CEO of Engro Holdings, Samad Dawood, Standard Chartered CEO Bill Winters and WEF founder Professor Klaus Schwab and Hilde Schwab in Davos. These discussions were on economic trends and Pakistan’s evolving role.” He also shared a list of events in which Pakistan participated.

The WEF publication ‘The Global Risk Report 2025’ highlighted five key risks facing Pakistan this year: persistent economic vulnerability, inflation, water scarcity, energy shortages, and rising poverty and inequality. Amir Jehangir, CEO of Mishal Pakistan, the country partner of the World Economic Forum, commented in a social media post: “Pakistan, like many other developing economies, faces an increasingly complex risk environment that demands strategic resilience and policy innovation to navigate uncertainties.”

Published in Dawn, The Business and Finance Weekly, February 3rd, 2025