Trade Minister Yeo Han-koo, along with the leaders of the top energy companies in Korea, are participating in the current World Economic Forum (WEF), in the notable absence of the chief executives from Korea's four major conglomerates - Samsung, SK, Hyundai Motor, and LG.
The minister is scheduled to deliver a speech on global trade during the annual assembly of global policymakers, business leaders, and experts in Davos, Switzerland, spanning from Monday to Thursday.
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Additionally, he intends to urge prominent companies such as Merck, Amazon Web Services, and Maersk to boost their investments in Korea. Furthermore, he will participate in a trade ministers' meeting organized by the World Trade Organization on Thursday as a complementary event during the gathering.
“As a middle-power country that the world is watching, the government will show global leadership and help restore the international economic and trade order that is under pressure from multiple challenges,” Yeo says.
At the forum, it is anticipated that Korean business executives will discuss both the energy transition and the enduring challenges within the supply chain. POSCO Group Chairman Chang In-hwa is said to have forthcoming discussions with executives in both the steel and battery sectors. The upcoming visit of HD Hyundai Chairman Chung Ki-sun to the WEF is anticipated to encompass discussions on the prospective trajectory of the shipbuilding and energy sectors.
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In his fourth attendance at the event, he intends to delve into pertinent topics pertaining to the industries. In the previous year, Chairman Chung actively engaged in dialogues within the Oil & Gas Governors and the Supply Chain & Transport Governors assemblies, where he showcased HD Hyundai's advancements in energy and digital technologies. These innovations have significantly enhanced the efficiency of shipbuilding processes and operational procedures.
GS Caltex's Chief Executive Officer, Hur Sae-hong, renowned for his consistent attendance at the forum since 2018, is anticipated to participate in a worldwide conversation regarding the structural evolution of the energy and refinery sectors.
The Executive Chairman of Korea Zinc, Choi Yun-birm, is scheduled to give a presentation during a session on "Minerals Strategic Partnerships and Investments" to elaborate on the company's investment strategies.
In addition, the nonferrous metal smelter is looking forward to engaging in further discussions with officials from the US government regarding its proposed smelter construction in Tennessee as a means to enhance the stability of the mineral supply chain.
According to the company, there is a possibility of follow-up meetings on their strategic partnership with US government officials, including President Donald Trump, who are anticipated to attend the Davos forum.
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For the first time in six years, President Trump will be attending the forum in person to give a special address. The participation of Ukrainian President Volodymyr Zelenskyy has sparked tentative hope for potential advancements in negotiations aimed at resolving the ongoing conflict between Ukraine and Russia.
“This year’s Davos forum is important not just as an annual gathering of global leaders but as a venue to see how the global economic order may be reshaped following the launch of the Trump administration’s second term,” Mirae Asset Securities analyst Seo Sang-young says.