On the eve of the Munich Security Conference, global law firm Freshfields once again hosted a high-profile panel discussion exploring the implications of the current geopolitical landscape for business and defense.

Following welcome remarks by Senior Partner Georgia Dawson, Prof. Dr. Wolfgang Ischinger, chairman of the Munich Security Conference, opened the evening with an assessment of the current geopolitical environment. “We are living in particularly challenging times,” he said. “One of the missions of this year's security conference is to restore trust – like repairing a broken chain to get a bicycle running again.”

Freshfields partner Ninette Dodoo, based in Hong Kong, moderated the panel of senior figures from business, academia, and politics. The discussion focused on the importance of strengthening transatlantic relations, mobilizing private capital for defense and harnessing the transformative potential of artificial intelligence.

Former ambassadors Michael McFaul (Stanford University) and Dr. Peter Wittig (Schaeffler) emphasized the importance of a well-functioning transatlantic relationship. McFaul pointed to “a reform of the liberal international order” as potential path through current tensions.

Investment in the defense sector should not focus solely on public spending

“The markets have already reacted, and businesses are always adapting to developments, as is the case now,” said Dr. Philipp Hildebrand, Vice Chairman at BlackRock. Hildebrand and Hélène Huby, CEO of space startup The Exploration Company, echoed Ischinger’s earlier point: discussions on investment in the defense sector should not focus solely on public spending, but also on how private capital can be mobilized.

Both highlighted the enormous potential of AI. “The effect is comparable to the invention of electricity,” said Hildebrand. Huby added: “In defense tech, Europe should aspire to become a global player.” Nadia Calviño, President of the European Investment Bank, underlined that, in addition to capital and knowledge, Europe brings values such as democracy, legal certainty and trust in business relations.

Around 250 participants from various countries attended the event in Munich. In the lead-up, Freshfields hosted a fireside chat in Washington DC, with US Congressman John Moolenaar to discuss expectations for this year's Munich Security Conference. Earlier in 2025, Freshfields also convened discussions alongside key global forums, including the Warsaw Security Forum in September and the IISS Shangri-La Dialogue in Singapore in May.

Overview of speakers: 

• Welcome remarks: Georgia Dawson, Senior Partner, Freshfields
• Opening speech: Ambassador (ret.) Prof. Dr. h.c. Wolfgang Ischinger, Chairman of the Munich Security Conference, President of the Foundation Council of the Munich Security Conference Foundation
• Nadia Calviño, President of the European Investment Bank, former Minister of Economy and Business of the Kingdom of Spain
• Michael McFaul, Professor of Political Science at Stanford University, Director of the Freeman Spogli Institute for International Studies, and Peter and Helen Bing Senior Fellow at the Hoover Institution; former US Ambassador to Russia
• Philipp Hildebrand, Vice Chairman at BlackRock, former Chairman of the Governing Board of the Swiss National Bank
• Hélène Huby, Founder and CEO of The Exploration Company
• Ambassador (ret.) Dr. Peter Wittig, Senior Advisor Global Affairs at Schaeffler, former Ambassador of the Federal Republic of Germany to the United Nations, the United States, the United Kingdom and other countries

  
The event took place in Munich and was moderated by Ninette Dodoo, Partner and head of Freshfields’ antitrust, competition and trade practice in China. The organizing committee was led by Partner Dr. Maximilian Lasson, of Counsel Dr. Thomas Lübbig, Principal Associate Dr. Malte Symann, Head of Public Affairs Alex Schmidtke and Senior Knowledge Lawyer Dr. Christian Altenhofen.