LG Chem Chief Executive Office Hak Cheol Shin became the first Korean entrepreneur to be appointed as the chair of an industrial community under the World Economic Forum (WEF, also known as Davos Forum).

LG Chem announced on the 16th that Chief Executive Officer Shin will participate in the WEF which will be held in Davos, Switzerland until the 20th (local time) for the third straight year. In particular, he will be appointed as the chair of the ‘Chemical & Advanced Materials Industry Governors’ Community session that will be held on the 19th and will be in charge of its operation until 2024. This is the first time for a Korean entrepreneur to be appointed as the head of one of the 26 industrial communities under the Davos Forum.

CEO Shin is expected to exercise joint leadership for the industry as the chair of the community to discuss major pending issues of the global chemical industry such as the weakening of the global supply chain and response to climate change, ushering in coordinated response plans. The Chemical & Advanced Materials Industry Governors is a community made up of CEOs of over 30 global leading companies such as BASF and Solvay.

In this forum, LG Chem will actively pursue expanding its global partnership to prepare for the future such as through strengthening the low-carbon competitiveness of its clients and the development of its three major growth engines such as eco-friendly sustainability business, battery materials, and global new drugs. Plans are to meet with over 10 clients and partner companies such as global comprehensive energy companies, global metal companies that have recently drawn a lot of attention in the battery value chain, reagent/equipment companies in the life science sector, etc.

Chief Executive Officer Hak Cheol Shin was also invited to ‘IGWEL (Informal Gathering of World Economic Leaders),’ which is the Davos Forum’s highlight. He is scheduled to participate in the ‘Delivering a Growth Agenda in an Increasingly Fragmented World’ economic session that will be hosted by IMF Managing Director Kristalina Georgieva and hold debates. This session will involve discussing the most urgent and difficult global pending issues in the four fields of energy, economics, geopolitics, and climate.

He is also planning to take part in major global leader`s meetings such as the Alliance of CEO Climate Leaders which comprises over 140 global member companies including the global reinsurance company SwissRe and the Ingka Group as the parent company of IKEA.

Shin commented, “We will reinforce global cooperative relations within the new economic system that has begun due to geoeconomic conflicts and create sustainable growth opportunities focusing on eco-friendly materials, battery materials, and global new drugs.”