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| Shin Hak-cheol, second from right, vice chairman and CEO of LG Chem, speaks at the 2022 World Economic Forum in Davos, Switzerland. Shin will also take part in the 2023 event, which will be held from Jan. 16 to 20. Courtesy of LG Chem |
By Baek Byung-yeul
Shin Hak-cheol, vice chairman and CEO of LG Chem, has been elected chair of an industrial consultative body at the World Economic Forum (WEF) in Davos, Switzerland, the chemical arm of LG Group said Sunday.
The company said Shin now heads the WEF's Chemical & Advanced Materials Industry Governors for the next two years until 2024. The body is comprised of CEOs from around 30 global leading companies, such as BASF and Solvay.
LG Chem noted that this is the first time for a Korean entrepreneur to chair the consultative body, adding that his appointment shows the increased status of Korean industry in the global chemical and material market.
"As the chair of the body, Shin will demonstrate his leadership in the field, discussing major issues in the global chemical industry such as weakening global supply chains and tackling climate change and lead the industry to find countermeasures," LG Chem said.
At the WEF, which will be held from Jan. 16 to 20, LG Chem will try to expand global partnerships in low-carbon business, battery materials and new drug development. The company will meet with more than 10 customers and partners including companies in the energy, metal and healthcare sectors.
"We will strengthen global cooperation within the new economic system that was kicked off due to geo-economic conflict. The company will also create sustainable growth opportunities in eco-friendly materials, battery materials and new drug development for the global market," Shin said.
Shin was also invited to the Informal Gathering of World Economic Leaders (IGWEL). He will take part in "Delivering a Growth Agenda in an Increasingly Fragmented World," an economic session led by Kristalina Georgieva, managing director of the International Monetary Fund (IMF).
In addition, Shin plans to join global leaders' meetings such as the Alliance of CEO Climate Leaders, which consists of about 140 global companies, such as SwissRe and Ingka Group.
