The World Economic Forum (WEF) has launched the COVID Action Platform to catalyze private-sector support for fighting against the coronavirus outbreak. 

Individual steps are ineffective to tackle the global disease of COVID-19, the forum said in a press release on Wednesday.

"Only coordinated action by business, combined with global, multi-stakeholder cooperation can mitigate the risk and impact of this unprecedented global health emergency," it said.

As a partner of the World Health Organization (WHO), the forum launched the platform, "aiming to find ways to help end the global emergency as soon as possible."

The platform will focus on three main topics; Galvanize the global business community for collective action, protect people’s livelihoods and facilitate business continuity, and mobilize cooperation and business support for the COVID-19 response.

The forum said the platform is open for all businesses, industrial groups and governments globally.

It will conduct a network for receiving offers and helps from CEOs, leaders, and responders to find best actions.

Klaus Schwab, the founder and executive chairman of the WEF, said: “COVID-19 is causing health emergencies and economic disruptions that no single stakeholder can address.

"Our best and only response to it should be to take concerted action. The COVID Action Platform is at the center of our mission and we draw upon all our members and partners, communities and capabilities to make it a success.”

Tedros Adhanom Ghebreyesus, the director-general of the WHO, said the private sector's role is essential for tackling the COVID-19.

"We call on companies and organizations around the world to make full use of this platform in support of the global public health response to COVID-19," Ghebreyesus added.

Coronavirus originated in Wuhan, China last December and has spread to at least 114 countries.

The global death toll is now almost 4,300, with more than 118,000 confirmed cases, according to the WHO.