The 2021 Davos World Economic Forum (WEF) summit of business leaders and the politicians have been canceled for January because of the coronavirus or COVID-19 pandemic, with the organizers planning to reschedule the event to sometime early in the coming year.

"The advice from experts is that we cannot (host the event) safely in January," WEF mentioned on Wednesday in a statement.

2021 Davos World Economic Forum Canceled due to COVID-19

Coronavirus
Workers of Junjiang Industrial Limited Company package medical gloves in Yilong New District at Bouyei-Miao Autonomous Prefecture of Qianxinan in southwest China's Guizhou Province, Feb. 21, 2020. Medical supply companies in Yilong New District have been producing medical supplies at full capacity to support the fight against the novel coronavirus, or COVID-19. (Xinhua/Yang Wenbi/IANS) Xinhua/IANS

The confab in the Swiss Alps that has hosted rival heads of state including U.S. President Donald Trump and Chinese President Xi Jinping in recent years has been held in the Swiss ski resort of Davos since 1971. WEF, which takes over the ski resort of Davos for about a week each year, has branded itself as the world's top venue for the business and political elite to meet and discuss the challenges of globalization.

The group said the decision to delay this year's edition "was not taken easily, since the need for global leaders to come together to design a common recovery path and shape the 'Great Reset' in the post-COVID-19 era is so urgent." In lieu of the meeting, it would host virtual 'high-level' discussions the week of January 25, WEF said, adding it would share dates and location of the rescheduled meeting once it was assured of health and safety conditions.

(With agency inputs)