Davos: The World Economic Forum (WEF) Friday gained a 'formal status' in Switzerland, confirming the role of non-profit organisation as an international institution for public-private cooperation.
WEF has gained this status under the Swiss Host-State Act.
The agreement was signed by Didier Burkhalter, head of Federal Department of Foreign Affairs (FDFA) of the Swiss Confederation and Klaus Schwab founder and executive chairman of WEF here.
The status is based on the WEF's important role for Switzerland and provides for closer cooperation between the Swiss confederation and the forum in its field of activity.
"The substance of the agreement corresponds to agreements that the Federal Council has already concluded with other organisations of this kind and provides, for example, for facilities in the recruitment of personnel," FDFA said.
The WEF, founded in 1971 as a not-for-profit organization, has considerably developed its activities and in particular through its annual meeting in Davos.
The forum has attained a global dimension and gained wide recognition among states and international organisations.
"Through this recognition, Switzerland has shown not only its full support for the WEF's mission, but also its commitment to further enhance the role of Switzerland and in particular Geneva as a centre for international cooperation," Schwab said in a statement.
On 23 January 2015, a meeting took place between the head of the FDFA, Didier Burkhalter, and the executive chairman of the WEF, Klaus Schwab, on the margins of the annual meeting of the WEF in Davos at which an agreement was signed confirming the status of the WEF in Switzerland in compliance with the Host State Act of 22 June 2007 (HSA, SR 192.12).
At its meeting on 17 December 2014, the Federal Council recognised the WEF as an "other international body" as defined in the Host State Act and approved the agreement, the purpose of which is to confirm the status of foundation that the World Economic Forum enjoys in Switzerland.