Chaebol heirs explore innovative ideas and partnerships in Davos

Prime Minister Han Duck-soo, third from right, speaks during a meeting with senior executives of global companies, which was held on the sidelines of the World Economic Forum in Davos, Wednesday (local time). Courtesy of Prime Minister's Office

The scions of Korea’s family-owned business conglomerates engaged in discussions with global leaders on strategies to alleviate carbon emissions and address the supply chain crisis at the World Economic Forum (WEF) in the Swiss city of Davos this week, according to industry officials, Thursday.

Despite the prevailing skepticism regarding the advantages of attending the annual forum, especially in the absence of prominent figures like the U.S. and Chinese presidents, as well as the chairmen of Samsung, SK, Hyundai Motor, and LG, Korean business leaders at the event remained actively engaged in seeking new growth opportunities and solutions to diverse economic challenges.

Hanwha Group Vice Chairman Kim Dong-kwan introduced the company’s plan to develop a carbon-free ship powered by alternative fuels, such as ammonia, during a session titled “the First Fossil-Free Ship on the Water.”

The oldest son of the Hanwha Group chairman, who has participated in the event every year since 2010, except for 2021 when the forum was cancelled due to the COVID-19 pandemic, attended this year’s gathering with his two younger brothers — Hanwha Life Insurance President Kim Dong-won and Hanwha Galleria Vice President Kim Dong-seon.

“We’re taking a holistic approach to the energy transition, instigating transformative changes not just in the generation and storage of clean energy but also in the realm of transportation,” the vice chairman said Wednesday (local time). “Advancing green ship technology and establishing a robust clean energy value chain will help us gain ground in our journey toward net zero.”

Hanwha Group Vice Chairman Kim Dong-kwan, left, speaks during a session at the World Economic Forum (WEF) in Davos, Wednesday (local time). Courtesy of WEF

Chung Ki-sun, vice chairman and CEO of HD Hyundai, the parent firm of Korea’s largest shipbuilder, also flew to Davos from the CES tech trade show in Las Vegas, in order to seek cooperation in the construction of eco-friendly ships with members of the Supply Chain & Transport Governors and Oil & Gas Governors group.

He met with Robert Maersk Uggla, chairman of the board at A.P. Moller-Maersk, to strengthen ties between the two companies. Hyundai Mipo Dockyard, one of HD Hyundai’s shipbuilding subsidiaries, delivered the world’s first methanol-powered container ship to Maersk last year.

Hyosung Group Vice Chairman Cho Hyun-sang talked about the company’s plan to diversify the supply chain to cope with the geopolitical risks, during a meeting between Prime Minister Han Duck-soo and the CEOs of global companies, which was held on Wednesday (local time) on the sidelines of the WEF. The participants included top executives of Flagship Pioneering, Google, Hines, Intel, Merck and Qualcomm, as well as the vice chairmen of Hanwha and HD Hyundai.

GS Caltex CEO Hur Sae-hong discussed strategies for energy transition and decarbonization with global businesspeople. Korea Zinc Chairman Choi Yun-beom attended the forum for the first time to seek cooperation with global firms in the battery materials and green hydrogen sectors.

Professional managers and senior executives of Korea’s four largest business groups, such as LG Chem CEO Shin Hak-cheol, Hyundai Motor President Kim Karl and Samsung Electronics Chief Technology Officer Cheun Kyung-whoon, also learned about new technologies at the forum and sought stronger ties with foreign companies and governments on behalf of the owners of the conglomerates.