Korean energy industry leaders head to Davos as Trump returns to WEF
Participants register for the World Economic Forum in Davos, Switzerland, Saturday. AP-Yonhap
Trade minister to pitch Korea as investment destination as biz heads focus on energy transition
Trade Minister Yeo Han-koo and the heads of Korea's leading energy companies are attending this year's World Economic Forum (WEF), amid the absence of the chiefs of Korea's four largest conglomerates — Samsung, SK, Hyundai Motor and LG.
During the annual gathering of global policymakers, business leaders and experts in the Swiss town of Davos from Monday to Thursday (local time), the minister will deliver a speech on global trade and urge Merck, Amazon Web Services and Maersk to increase investments in Korea. He will also attend a meeting of trade ministers hosted Thursday on the sidelines by the World Trade Organization.
“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 said.
Korean business leaders at the forum are expected to address the energy transition and the ongoing supply chain crisis.
POSCO Group Chairman Chang In-hwa will reportedly meet leaders in the steel and battery industries.
HD Hyundai Chairman Chung Ki-sun is expected to discuss the future of the shipbuilding and energy industries during his fourth visit to the WEF. Last year, he took part in meetings of the Oil & Gas Governors and the Supply Chain & Transport Governors to present his company's energy and digital technologies that enable more efficient ship construction and operation.
GS Caltex CEO Hur Sae-hong, who has not missed the forum since 2018, is expected to join a global discussion on the structural transformation of the energy and refinery industries.
Korea Zinc Executive Chairman Choi Yun-birm will deliver a speech at a session titled “Minerals Strategic Partnerships and Investments” to outline the company's investment strategies. The nonferrous metal smelter is also expecting further talks with U.S. government officials on its planned smelter construction in Tennessee to help stabilize the mineral supply chain.
“As U.S. government officials, including President Donald Trump, are expected to attend the Davos forum, there could be a chance for follow-up meetings on our strategic partnership with them,” the company said in a press release.
A protester holds a banner showing pictures of Tesla CEO Elon Musk, Russian President Vladimir Putin, U.S. President Donald Trump, Israeli Prime Minister Benjamin Netanyahu and Chinese President Xi Jinping during a demonstration of the collective "Strike World Economic Forum" in Kueblis, Switzerland, Saturday (local time). EPA-Yonhap
Trump will attend the forum in person for the first time in six years to deliver a special address. With Ukrainian President Volodymyr Zelenskyy also taking part, cautious optimism has emerged over possible progress in talks to end the country's war with 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 said.