A regional program of the Boao Forum, referred to as Asia’s Davos conference, kicked off Monday in Seoul, bringing more than 800 political and business leaders from China and South Korea together to discuss the future of Asia.

The first event held in Asia outside of China was jointly organized by the Federation of Korean Industries, once an influential business lobby group here. Eyes are on not only the significance of the event, but also on whether it could be a chance for the FKI to rebuild its reputation that was deeply hurt by the high-profile corruption scandal involving former President Park Geun-hye two years ago.

For decades, the FKI was the largest and most influential business lobby group representing the interests of conglomerates, as it facilitated official communication with the government and political circles.

But in late 2016, the group came under fire as chief executives of member conglomerates including Samsung and Lotte were accused of being involved in the massive corruption scandal that ousted ex-President Park from office and jailed her confidante. Samsung Electronics Vice Chairman Lee Jae-yong spent a year behind bars over his alleged involvement in the case.

The FKI’s role in the scandal drew fierce criticism, as it was found to have arranged illicit donations for two sports foundations controlled by Park’s longtime friend Choi Soon-sil.

Its influence soon started to ebb away with key members, Samsung, Hyundai Motor, SK and LG, and their affiliates withdrawing from the group. Those companies reportedly accounted for nearly half of the 50 billion won ($44 million) in membership fees.

Amid calls for disbandment, the FKI undertook drastic reforms, cutting its budget and workforce by 40 percent, and passed the baton to the Korea Chamber of Commerce and Industry to take a leadership role in Korean industry.

After almost two years operating under the radar, the FKI’s role as the joint organizer of the Boao Forum Asia in Seoul is expected to give the business lobby a second chance, though a dramatic comeback remains unlikely, according to industry watchers.

While declining to comment on the FKI’s expectations from the event, an official of the lobby group said it was offered by the organizing committee of the Boao Forum to jointly host the event due to the group’s global reputation and years of experience in such projects and in building networks overseas.

The list of attendees includes South Korean Prime Minister Lee Nak-yon, China’s State Councilor Wang Yong and former United Nations Secretary-General Ban Ki-moon, who serves as chairman of the Boao Forum for Asia.

Business leaders including FKI Chairman Huh Chang-soo, Hyundai Motor Executive Vice Chairman Chung Eui-sun, Kwon Oh-hyun, chairman of Samsung Advanced Institute of Technology and Choi Kwang-chul, president of SK Group's corporate contribution, are also confirmed to attend.

By Cho Chung-un (christory@heraldcorp.com)