Luster fades from World Economic Forum for Korea’s top business leaders

A girl cleans the ground on the primary day of the 54th World Financial Discussion board in Davos, Switzerland, on this January 2024 picture. EPA-Yonhap

Issues in regards to the relevance of the World Financial Discussion board (WEF) seem like rising in Korea as experiences point out that the nation’s enterprise leaders and senior authorities officers have determined to skip this 12 months’s annual assembly within the distant Swiss city of Davos.

Trade officers stated, Thursday, that it’s nonetheless unclear whether or not the chairmen of Samsung, SK, Hyundai Motor, and LG will attend the occasion, which is scheduled to happen from Jan. 20 to 24.

The heads of Korea’s 4 largest enterprise teams have been absent from last year’s forum. That they had attended the 2023 WEF alongside the now-impeached President Yoon Suk Yeol to support Busan’s bid to host World Expo 2030, which resulted in failure later that 12 months.

Final 12 months, the enterprise teams solely despatched the CEOs of their associates, together with LG Chem CEO Shin Hak-cheol, who will attend the occasion once more this 12 months.

CJ Group and Korea Enterprises Federation Chairman Sohn Kyung-shik, who attended final 12 months’s occasion, can even be absent from this 12 months’s discussion board.

Among the many youthful enterprise leaders who attended the discussion board final 12 months, HD Hyundai Govt Vice Chairman Chung Ki-sun and Hanwha Life Insurance coverage President Kim Dong-won are reportedly on the record of attendees for this 12 months.

Kim’s older brother, Hanwha Group Vice Chairman Kim Dong-kwan, will skip this 12 months’s occasion, in response to trade officers.

The vice chairman had participated within the occasion yearly since 2010, apart from 2021, when the discussion board was canceled because of the COVID-19 pandemic. In 2024, he took half together with his two youthful brothers.

Korea Zinc Chairman Choi Yun-beom determined to skip this 12 months’s discussion board, though he participated within the occasion for the primary time final 12 months within the wake of the collection of his firm as an official associate for the occasion.

The smelting agency will maintain a shareholders‘ assembly on Jan. 23 to determine whether or not Choi ought to hand over management of the corporate to MBK Companions.

The federal government additionally determined to not ship any ministerial-level officers to Davos this 12 months, contemplating U.S. President-elect Donald Trump’s inauguration ceremony slated for Jan. 20.

Prime Minister Han Duck-soo, who’s presently suspended from his duties, attended last year’s occasion.

Gyeonggi Province Gov. Kim Dong-yeon will take part within the occasion in a private capability this 12 months.

Local weather activists participate in a protest forward of the 54th World Financial Discussion board in Davos, Switzerland, on this January 2024 picture. Reuters-Yonhap

Typically dubbed a stuffy membership for the worldwide elite by critics, the costly gathering has been shunned in recent times by the leaders of main economies, together with the USA and China, dealing with rising worldwide skepticism about its relevance, given the acceleration of deglobalization.

Moreover, the occasion’s organizers elevated the worth of badges for company leaders‘ entourages to 1,000 Swiss francs ($1,100) this 12 months, up from 100 Swiss francs in earlier years.