Hyundai Motor Group Executive Chair Chung Euisun will join a lunch auction event to better connect with the younger generation, the Federation of Korean Industries said Monday.

The business lobby has invited the Hyundai Motor chief, along with car-sharing company SoCar CEO Park Jae-uk and TV celebrity Noh Hong-chul, to take part in the event, similar to billionaire Warren Buffett's famous charity lunch.

A total of 30 people will be selected for the power lunches targeted at the “MZ generation," a term that refers collectively to millennials, born in the early 1980s to early 1990s, and Generation Z, born in the mid-1990s to early 2000s. Applicants have to submit their applications to the group by May 14. The date for the lunch has not been announced.

Instead of bidding for the lunches with money, the selected candidates will be required to give back through a community service of their choice within three months.

Buffett, chairman and CEO of Berkshire Hathaway, has raised about $53.2 million from his auction lunches to donate to San Francisco-based charity Glide since 2000. His lunch auction last year drew a record $19 million bid last year.