More than 4,000 former and incumbent heads of state, leading policymakers and scholars from around 50 countries are set to gather in Jejudo Island on Wednesday to explore issues related to foreign policy, security, economy, the environment and other pressing worldwide challenges.

The Jeju Forum for Peace and Prosperity 2016 will kick off its three-day run at the International Convention Center on the resort island, under the theme “Asia’s new order and cooperative leadership.” Launched in 2001, its 11th edition entails 69 roundtables and discussion sessions.

It is hosted by the Jeju provincial government, International Peace Foundation, East Asia Foundation and JoongAng Ilbo newspaper, and organized by the Jeju Peace Institute.

U.N. Secretary-General Ban Ki-moon, former Japanese Prime Minister Tomiichi Murayama and former Malaysian Prime Minister Mahathir bin Mohamad are slated to give a keynote address during the opening ceremony on Thursday. The former premiers are also scheduled to take part in a discussion along with their previous counterparts including Han Seung-soo of South Korea, Jim Bolger of New Zealand, Goh Chok Tong of Singapore and Enrico Letta of Italy.

The event will also bring together high-flying entrepreneurs including Joe Kaeser, president and chief executive of Siemens AG, and Jeffrey Straubel, chief technology officer and cofounder of Tesla Motors, while setting the stage for networking among some 400 business executives from Korea, China and Japan.

“The grand theme was meant to highlight the need for cooperation between countries and regions to respond to emerging challenges such as security crises, climate change and low growth,” the forum’s secretariat said in a statement.

Ban’s participation is drawing particular attention amid speculation over him possibly running in next year’s presidential election as the flag-bearer of the ruling Saenuri Party. He last attended the forum in 2009.

Aside from the speech, the former South Korean foreign minister is forecast to hold separate talks with Prime Minister Hwang Kyo-ahn and Jeju Gov. Won Hee-ryong, and meet with members of the Kwanhun Club, a Seoul-based association of senior journalists. He is expected to arrive on the island on Wednesday afternoon.

By Shin Hyon-hee (heeshin@heraldcorp.com)