Business Leaders Support Yoon's Economic Initiatives at UAE and Davos Forum

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] The heads of major business groups are providing economic diplomatic support during President Yoon Suk-yeol's 6-night, 8-day first overseas trip of the new year, visiting the United Arab Emirates (UAE) and Switzerland in succession.

At the summit on the 15th (local time), President Yoon and UAE President Mohammed bin Zayed Al Nahyan agreed on a $30 billion (approximately 37.26 trillion KRW) investment of oil money into Korea. The business community views this achievement as the result of domestic companies swiftly building trust with the UAE in strategic cooperation areas such as nuclear power generation, energy, and defense industries.

This trip includes a large economic delegation of about 100 representatives from domestic companies, including Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group; Chung Eui-sun, Chairman of Hyundai Motor Group; and Cho Hyun-joon, Chairman of Hyosung Group. Chairman Lee made a special effort toward the UAE, having chosen it as his first overseas business trip destination after assuming the chairmanship at the end of October last year. Samsung C&T and Samsung Engineering are conducting business in the UAE.

Chairman Chey also connected his efforts to strengthen cooperation with the UAE in energy, telecommunications, and construction sectors to the signing of a memorandum of understanding (MOU) with the UAE sovereign wealth fund Mubadala on establishing the 'Voluntary Carbon Market (VCM) Asia Partnership' during this visit. Chairman Chung is showing interest in expanding the presence of eco-friendly vehicles and entering the urban air mobility (UAM) business in the UAE region, while Chairman Cho is focusing on power facility orders. Accordingly, during President Yoon's UAE visit, there is a high possibility that the heads of business groups will lead additional investment and business expansion strategies at the business forum involving Korean and UAE companies.

The heads of major business groups will move to Switzerland on the 17th with President Yoon to attend the World Economic Forum (Davos Forum). The Davos Forum is an annual gathering where political and business leaders from around the world exchange information and seek solutions for development. This year's theme is 'Cooperation in a Fragmented World.' The business leaders are expected to collaborate closely to address issues closely related to corporate management, such as strengthening global supply chains amid uncertain economic conditions. They will also discuss cooperation plans with CEOs of global companies such as Intel, IBM, and Qualcomm.

Notably, Shin Hak-cheol, Vice Chairman of LG Chem, attending the Davos Forum for the third consecutive year, was elected as the chairperson of the 'Chemical and Advanced Materials Industry Council' under the Davos Forum, becoming the first Korean businessperson to hold such a position. This is the first time a Korean businessperson has been elected as the representative of one of the 26 industry councils under the Davos Forum. Taking advantage of the opportunity where political and business leaders from around the world gather, the heads of business groups are also supporting the bid for the 2030 Busan World Expo. Chey, who serves as both the chairman of the Korea Chamber of Commerce and Industry and co-chairman of the Busan Expo bid committee, plans to hold the 'Korea Night' event hosted by the Korea Chamber of Commerce and Industry on the 17th to promote the Busan Expo bid.