Microsoft chief Bill Gates was among business leaders who signed up to a statement calling for private firms to boost sustainable economic growth and development.

The initiative was announced at the latest meeting of the World Economic Forum in Davos, Switzerland.

The statement, signed by a total of 14 chief executives and chairmen, called for business leaders worldwide to engage with governments and public bodies in order to strengthen public policies.

Speaking to the forum prior to the launch of the statement Mr Gates told business leaders: "We have to find a way to make the aspects of capitalism that serve wealthier people serve poorer people as well. I like to call this idea creative capitalism."

He cited the Red brand products as an example. A slice of the profits from goods sold under the brand go in to a fund to help fight Aids.

The World Economic Forum was founded in 1971.

Originally called the European Management Forum it changed its name in 1987 in order to reflect the expansion it had undergone.

A recent Connect survey found that the two major concerns about outsourcing services like IT support were 'loss of control' (56 per cent) and 'budget over-runs' (43 per cent).