Third and Fourth Generation Business Owners Head to Davos... Heads of the Four Major Groups Likely to Be Absent

Owners and executives of major Korean conglomerates will attend the World Economic Forum (WEF) Annual Meeting held in Davos, Switzerland, from the 15th to the 19th. While the heads of the four major groups?Samsung, Hyundai Motor, SK, and LG?are reportedly unlikely to attend, the third and fourth generation owners are expected to gather in Davos, drawing significant attention from the business community.

Kim Dong-kwan, Vice Chairman of Hanwha Group, Jeong Ki-sun, Vice Chairman of HD Hyundai

According to business circles on the 10th, Kim Dong-kwan, Vice Chairman of Hanwha Group; Jung Ki-sun, Vice Chairman of HD Hyundai; Heo Se-hong, President of GS Caltex; and Cho Hyun-sang, Vice Chairman of Hyosung Group will attend this forum. In addition to Vice Chairman Kim, Hanwha Group will also be represented by Kim Dong-won, President of Hanwha Life Insurance, and Kim Dong-sun, Vice President of Hanwha Galleria, the three sons of Kim Seung-yeon, Chairman of Hanwha Group, attending together. Vice Chairman Kim first visited the Davos Forum in 2010 and has attended every year except for 2021, when the event was canceled due to the COVID-19 pandemic. Choi Yoon-beom, Chairman of Korea Zinc, is expected to attend the Davos Forum for the first time. The heads of the four groups reportedly decided not to attend this year’s Davos Forum due to other schedules and activities.

This year’s Davos Forum will be held under the theme of "Restoring Trust." Participants will discuss ways to restore trust in the international community, emphasizing coexistence amid geopolitical conflicts shaking the world recently, such as the Russia-Ukraine war and the Israel-Palestine armed group Hamas conflict, as well as energy, food, and climate crises. Discussions are also planned on topics including artificial intelligence (AI), security and cooperation, growth and job creation, and climate change response strategies. Besides the U.S. and Chinese leaders, numerous European heads of state and leaders of international organizations such as the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD) will attend. From the Korean government, Prime Minister Han Duck-soo will participate.