Korean Business Leaders Spotlighted at Davos

[Asia Economy Reporter Park So-yeon] Korean business leaders showcased their presence at the World Economic Forum Annual Meeting in Switzerland (WEF Davos Forum), where global political and business figures gathered. Korean business heads presented the values pursued by their companies as a global economic agenda at the Davos Forum and connected these to business opportunities, drawing the spotlight.

According to the business community on the 28th, key domestic business figures such as Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, Chey Tae-won, Chairman of SK Group, and Kim Dong-kwan, Vice President of Hanwha Solutions, attended the Davos Forum held over four days from the 21st to the 24th (local time). Especially, given that this year’s core theme of the Davos Forum was 'A Sustainable World,' attention from the business community focused on the activities of the heads of SK, Hanwha, and Hyundai Motor Group, who are heavily invested in eco-friendly businesses including solar power, hydrogen, and electric vehicles.

The most notable figure was Chairman Chey Tae-won. At the Davos Forum, Chairman Chey was invited as a panelist to the official session titled 'Stakeholder Capitalism in the Asian Era,' where he shared achievements in pursuing social value and proposed properly measuring social value to maximize the public interest of stakeholders. 'Stakeholder capitalism' pursues the public interest not only of shareholders but also of customers, employees, partners, local communities, and governments. Chairman Chey emphasized, "Just as financial statements measure a company’s financial performance, social value should be measured to grow social outcomes," adding, "It is necessary to establish objective and reliable measurement methods." At this session, Joseph Stiglitz, Nobel Laureate in Economics and professor at Columbia University, highlighted SK Group’s social value as an exemplary case of stakeholder capitalism, drawing further attention to Chairman Chey’s remarks.

Chung Eui-sun, Executive Vice Chairman, who attended the Davos Forum for the first time in three years since 2017, also attracted interest. After attending the Hydrogen Council CEO Summit held in Paris, France on the 20th, Executive Vice Chairman Chung engaged in in-depth discussions with participants of the International Business Council (IBC) regular meeting on the utilization of hydrogen and hydrogen fuel cell systems linked to climate change and energy transition responses, as well as the role of mobility toward a sustainable and inclusive society. He also held a series of private meetings with global leaders including heads of state from major countries and CEOs of leading automakers and parts companies to discuss broad cooperation plans.

Kim Dong-kwan, eldest son of Hanwha Group Chairman Kim Seung-yeon and Head of Strategy at Hanwha Solutions as well as Head of Strategy at Hanwha Corporation, contemplated future strategies at this year’s Davos Forum and explored possibilities for new businesses through private meetings. A business community official said, "The Davos Forum is an opportunity for business leaders to directly present global visions and engage in overseas networking, attracting worldwide attention," adding, "We feel proud that the projects and efforts steadily pursued through annual attendance seem to have borne fruit this year."

This content was produced with the assistance of AI translation services.