The World Economic Forum apologized on Thursday in Davos for an article calling for a boycott of Israel that appeared in a magazine handed to participants.

"With great concern and pain, I just learned that Global Agenda, a publication distributed to our members at the Annual Meeting 2006, contains an article calling for a boycott of Israel," said Klaus Schwab, founder and executive chairman of the forum, in a statement.

"This article is totally in contradiction to my own, and the forum's mission and values," he said.

Schwab said he immediately made an investigation into the issue and concluded that "there was an unacceptable failure in the editorial process, specifically an insufficiently short period for review of content, for which there is no excuse."

"I, on behalf of the forum, profoundly apologize and express my regrets to everyone," he said.

He said necessary steps have been taken to make sure that this will not happen again.

"I would like to confirm to all our friends in the Middle East, and throughout the world, that the forum will continue, under my leadership, to do everything possible to foster dialogue and open communication among all parties, based on mutual respect and recognition, and not on confrontation."

Source: Xinhua