Brazil President Jair Bolsonaro will not attend the upcoming World Economic Forum at Davos in Switzerland, according to the presidential spokesperson Otavio Rego Barros on Wednesday.

“The president and his assistants analysed a series of aspects — economic, security, political. And those aspects, together, allowed the President to evaluate that he should not participate in this forum at this moment,” Barros said.

Bolsonaro mentioned the possibility of not attending the summit earlier this week, citing security reasons.

The World Economic Forum, held annually at Davos, is a meeting in which world leaders discuss economic matters. This year’s summit will take place on January 21- 24.

In 2019, Bolsonaro delivered the keynote address at the World Economic Forum (WEF) in Davos, Switzerland, touting a “new Brazil” that’s open for business.

Bolsonaro had also said that his trip to Switzerland was a “great opportunity” to showcase the unique point in time his country was going through.

Bolsonaro attended a number of working lunches with global institutional investors in Davos, hoping to showcase the “unique point in time” his country is going through. He was spotted on the same dinner table as Apple CEO Tim Cook and Microsoft CEO Satya Nadella.