53rd Year This Year... Top 1% International Social Gathering 'Davos Forum'

WEF to be held in Davos, Switzerland for 4 nights and 5 days from the 16th
This year's theme is 'Cooperation in a Divided World'
President Yoon to participate... Special speech scheduled

[Asia Economy Reporter Yoon Seul-gi] The World Economic Forum (WEF, Davos Forum), an exclusive international social gathering for the top 1%, is being held in Davos, Switzerland, the highest city in Europe. WEF is a meeting where top experts from various fields and leaders from different countries gather to discuss urgent issues and seek solutions. Although it has had a significant impact on the international community, it has also faced criticism as a "playground for the wealthy" due to its exclusivity, allowing only invited participants.

The WEF Annual Meeting will be held in Davos from the 16th for a 4-night, 5-day schedule. This year, 2,700 leaders from 130 countries will gather, including 52 government representatives led by President Yoon Seok-yeol, about 600 CEOs, and 29 high-ranking officials from international organizations.

President Yoon is also scheduled to deliver a special speech. On the 19th, President Yoon will present international cooperation and solidarity measures to strengthen supply chains, transition to clean energy, and implement a digital order, and introduce Korea’s role in supporting these efforts.

Klaus Schwab, Chairman of the World Economic Forum (WEF), is delivering a speech at the opening ceremony of the WEF Annual Meeting held last year in Davos, Switzerland. Photo by Reuters·Yonhap News

Many heads of major Korean companies representing the business community will also attend. These include Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group; Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; Shin Dong-bin, Chairman of Lotte Group; and Kim Dong-kwan, Vice Chairman of Hanwha Solutions. It is also reported that Jung Ki-sun, President of HD Hyundai; Cho Hyun-sang, Vice Chairman of Hyosung; and Sohn Kyung-shik, Chairman of the Korea Employers Federation, will attend.

The Davos Forum is an international private meeting held annually at the beginning of the year, where leaders with knowledge, expertise, and influence from various sectors gather to discuss urgent international issues, exchange information, and create positive change. Its official name is the World Economic Forum, but it is also called the Davos Forum after the location where it is held. It originated in 1971 when Professor Klaus Schwab founded the European Management Symposium (EMS) and held the meeting in Davos.

WEF selects a core theme each year, around which participants exchange opinions and seek solutions. This year’s WEF theme is "Cooperation in a Fragmented World."

Now in its 53rd year, the Davos Forum is regarded as a United Nations non-governmental advisory organization with authority and influence, often called the "World Economic Olympics." It broadly discusses not only global economic policies but also agendas such as energy, climate crisis, gender equality, and diversity.

Photo by AP and Yonhap News

However, due to the strict participation requirements, the Davos Forum has faced criticism as a "playground for the wealthy" and a "profit-driven and closed social gathering." The WEF participation fee is a staggering $71,000 (about 79 million KRW), and companies must pay between 60,000 and 600,000 Swiss francs (approximately 81 million to 810 million KRW) depending on the partnership level to become corporate members. However, invited political leaders, media leaders, and other non-corporate participants do not pay participation fees.

There is also a view that the forum does not produce concrete results. Amid such criticism, U.S. presidents have often skipped the Davos Forum; former Presidents George H. W. Bush, George W. Bush, and Barack Obama never attended. It is also known that U.S. President Joe Biden will not attend this year’s Davos Forum.

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