The World Economic Forum (WEF) taking place in the Swiss city of Davos from Jan. 15 to 19 is likely to draw less attention from Korean businesspeople this year, as the chairmen of Samsung, SK, Hyundai Motor and LG will not attend the event, according to industry officials, Friday.
The top four business groups in Korea are said to be sending professional managers of their affiliates, such as LG Chem CEO Shin Hak-cheol, Hyundai Motor President Kim Karl and Samsung Biologics CEO John Rim.
In 2023, a large number of Korean business tycoons participated in the annual forum with President Yoon Suk Yeol to support Busan’s bid to host the World Expo 2030. The Korea Chamber of Commerce and Industry also invited global political and business leaders at the forum to the Korea Night event to promote the port city.
However, Saudi Arabia’s capital of Riyadh defeated Busan last November by a large margin, so the heads of Korea’s four largest business groups seem to see less need for their participation.
Amid their absence, younger Korean business leaders will attend the WEF.
Hanwha Group Chairman Kim Seung-youn’s three sons — Hanwha Group Vice Chairman Kim Dong-kwan, Hanwha Life Insurance President Kim Dong-won and Hanwha Galleria Vice President Kim Dong-seon — are on the list of this year’s attendees.
The oldest son has participated in the event every year since 2010, except for 2021 when the forum was cancelled over the COVID-19 pandemic. The second-oldest has attended the forum since 2016, while the youngest made his debut last year.
HD Hyundai Vice Chairman Chung Ki-sun is also expected to fly to Davos from Las Vegas, as he took part in the CES tech trade show in the U.S. city.
GS Caltex CEO Hur Sae-hong and Hyosung Group Vice Chairman Cho Hyun-sang will represent each of their groups at the forum, as both groups’ chairmen will be absent from the event.
Korea Zinc Chairman Choi Yun-beom will participate in the WEF for the first time this year, as the company was chosen as an official partner for this year’s event.
The government also lowered the rank of this year’s participant. Prime Minister Han Duck-soo will attend the forum to meet with global political and business leaders. This is the first time since 2009 for the government to send a prime minister to the WEF.
Under the theme of “rebuilding trust,” participants in this year’s forum are expected to talk about the lingering conflict in the Middle East and the Russia-Ukraine war which is approaching the two-year mark.
Artificial intelligence (AI) is also mentioned as a potential topic for this year’s event, as its organizer’s latest survey showed that concerns over the impact of AI in disrupting elections topped the list of the biggest risks for 2024.
