[In-Depth Look] Conditions for Successful Busan Expo Bid

Kim Ik-seong, Advisor of the Korea Distribution Science Association · Professor at Dongduk Women's University

The government and Busan City are making every effort to host the 2030 World Expo, the Busan World Expo. Since the President is also highly interested, it is expected to be managed as a major national agenda. First, it must pass the hurdle of the second competitive presentation held in Paris, France. The Busan Expo will not only be an opportunity to showcase Busan as a port and an administrative city, but also a chance for Busan to become a smart city equipped with various convenient infrastructures such as transportation and communication facilities.

The theme set by Korea for the Busan Expo is “The Great Transformation of the World, a Voyage Toward a Better Future.” The theme was chosen based on the recognition that a great transformation is needed to solve global issues humanity faces, such as the industrialization of new technologies of the 4th Industrial Revolution, the spread of COVID-19, climate and environmental crises, and social polarization.

At the Busan Expo, Korea’s IT technology, software power, and various new technologies such as autonomous vehicles, smart cities, robots, drones, and artificial intelligence applications will be exhibited and traded. The Expo serves as a space to test the competitiveness of innovative technologies and even as a venue to discuss industrial standards for technologies. Therefore, it is expected to be spotlighted as a space for creating synergy that leads technological convergence among companies.

However, there may be doubts about whether companies will voluntarily participate in the Busan Expo out of the necessity for sustainable development based on their own profit calculations. The government and political circles must, above all, make participating companies feel the justification and motivation for why they should voluntarily participate in the Busan Expo and give them confidence that their investment will return as tangible benefits and future corporate performance. Furthermore, participating companies should be allowed to decide on their own the various product contents, services, investment scale, and scope to be included in the Busan Expo.

To this end, incentive policies such as tax support and marketing management cost support for participation need to be presented together. A council where participating companies, the government, and experts from various fields discuss these matters together is also necessary. It should be a continuous and multifaceted council, not a showy meeting.

Above all, to succeed in hosting the Busan Expo, it is essential to win the votes of 170 member countries. Therefore, Busan’s distinctive characteristics need to be presented. Attractive factors such as Busan’s regional heritage as a tourist destination, natural resources, convenience of various infrastructure facilities, and motivating factors that can arouse interest such as film festivals and Hallyu events should be proposed. At the same time, communication about related information and expected effects should be a prerequisite to gain voluntary support and backing from Busan citizens.

World-leading companies need to showcase their products and services through optimal marketing communication techniques, technological cooperation, and ESG (environmental, social governance) initiatives?namely energy reduction and eco-friendly technologies?as well as differentiated business strategies such as mergers and acquisitions (M&A) between companies, using new social networking services (SNS) methods like the metaverse.

Additionally, economic aid programs and financial support that can assist developing and underdeveloped countries in participating in the Expo should also be proposed. Lastly, it is necessary to clearly explain the post-management and evaluation system for the Busan Expo. Sophisticated plans that can maximize the economic and social ripple effects through various evaluation methods should be reviewed in advance. I imagine a bright future for Korea, which will continue sustainable growth as an advanced industrial nation through the successful hosting of the Busan Expo.