A woman cleans the floor on the first day of the 54th World Economic Forum in Davos, Switzerland, in this January 2024 photo. EPA-Yonhap

Concerns about the relevance of the World Economic Forum (WEF) appear to be growing in Korea as reports indicate that the country's business leaders and senior government officials have decided to skip this year's annual meeting in the remote Swiss town of Davos.

Industry officials said, Thursday, that it is still unclear whether the chairmen of Samsung, SK, Hyundai Motor, and LG will attend the event, which is scheduled to take place from Jan. 20 to 24.

The heads of Korea's four largest business groups were absent from last year's forum. They had attended the 2023 WEF alongside the now-impeached President Yoon Suk Yeol to support Busan's bid to host World Expo 2030, which ended in failure later that year.

Last year, the business groups only sent the CEOs of their affiliates, including LG Chem CEO Shin Hak-cheol, who will attend the event again this year.

CJ Group and Korea Enterprises Federation Chairman Sohn Kyung-shik, who attended last year's event, will also be absent from this year's forum.

Among the younger business leaders who attended the forum last year, HD Hyundai Executive Vice Chairman Chung Ki-sun and Hanwha Life Insurance President Kim Dong-won are reportedly on the list of attendees for this year.

Kim's older brother, Hanwha Group Vice Chairman Kim Dong-kwan, will skip this year's event, according to industry officials.

The vice chairman had participated in the event every year since 2010, except for 2021, when the forum was canceled due to the COVID-19 pandemic. In 2024, he took part with his two younger brothers.

Korea Zinc Chairman Choi Yun-beom decided to skip this year's forum, although he participated in the event for the first time last year in the wake of the selection of his company as an official partner for the event.

The smelting firm will hold a shareholders' meeting on Jan. 23 to decide whether Choi should hand over control of the company to MBK Partners.

The government also decided not to send any ministerial-level officials to Davos this year, considering U.S. President-elect Donald Trump's inauguration ceremony slated for Jan. 20.

Prime Minister Han Duck-soo, who is currently suspended from his duties, attended last year's event.

Gyeonggi Province Gov. Kim Dong-yeon will participate in the event in a personal capacity this year.

Climate activists take part in a protest ahead of the 54th World Economic Forum in Davos, Switzerland, in this January 2024 photo. Reuters-Yonhap

Often dubbed a stuffy club for the global elite by critics, the expensive gathering has been shunned in recent years by the leaders of major economies, including the United States and China, facing growing international skepticism about its relevance, given the acceleration of deglobalization.

Additionally, the event's organizers increased the price of badges for corporate leaders' entourages to 1,000 Swiss francs ($1,100) this year, up from 100 Swiss francs in previous years.