Lee Jae-yong Joins Busan Expo Bid... Top 5 Groups Mobilize Leaders and Affiliates' Full Capabilities

Samsung Executives' Fiji Business Trip
Choi Tae-won's 'Big Hit Theory' and Public-Private Cooperation

Vice Chairman Lee Jae-yong of Samsung Electronics departing for a business trip to Europe through the Gimpo Business Aviation Center (SGBAC) in Gangseo-gu, Seoul, on the 7th. Vice Chairman Lee was also listed as a member of the '2030 Busan World Expo Hosting Committee,' which unites the heads of the five major conglomerates and the government. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Moon Chaeseok] The heads of the five major conglomerates, including Samsung Electronics Vice Chairman Lee Jae-yong and SK Group Chairman and Korea Chamber of Commerce and Industry Chairman Chey Tae-won, have been appointed as members of the 2030 Busan World Expo (Expo) Bid Committee, marking the official start of the public-private joint bid campaign for the Busan World Expo. Each group is mobilizing the capabilities of their affiliates to travel around the world, including the South Pacific, to promote the bid.

According to the business community on the 16th, the public-private joint 2030 Busan Expo Bid Committee under the Prime Minister was formed on the 8th. Prime Minister Han Duck-soo and Chairman Chey Tae-won serve as co-chairs, with Vice Chairman Lee Jae-yong, Hyundai Motor Chairman Chung Eui-sun, LG Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, and CJ Group Chairman Sohn Kyung-shik joining forces on the committee. Fourteen government ministers and Busan Mayor Park Hyung-joon also participate.

The most prominent groups are Samsung, SK, and Lotte. Samsung formed the 'Busan Expo Bid Support Task Force (TF)' in May and began full-scale bid activities by leveraging the global networks of all its affiliates. From the 11th to the 14th (local time), Park Hak-gyu, President of Samsung Electronics’ Management Support Office, flew to Fiji in the South Pacific, where the Pacific Islands Forum (PIF) summit was held, meeting with the prime ministers of Fiji and Samoa to promote the bid. He also engaged directly with Fijian citizens on the ground. Outdoor advertisements supporting the Busan Expo bid were displayed on major buildings such as Nadi International Airport in Suva, Fiji’s capital, the central post office, and the PIF venue, the Suva Grand Pacific Hotel, as well as on large electronic billboards along Victoria Parade, the main street.

Han Jong-hee, Vice Chairman and Head of Samsung Electronics’ DX (Device Experience) Division, met with Marcelo Ebrard, Mexico’s Foreign Minister, in Seoul on the 5th to share business updates and promote the bid. Han emphasized, "Samsung, representing Korea as an 'IT powerhouse,' will actively support the 2030 Expo to showcase future advanced technologies such as 6G, artificial intelligence (AI), and robotics," adding that this would also contribute to Samsung’s ongoing business cooperation with Mexico, underscoring the rationale for hosting the Busan Expo.

In SK’s case, Chairman Chey took the lead as the chair of the public-private committee. Encouraging members by saying, "If we knock, the jackpot of 'Expo hosting' will happen," he also met with Foreign Minister Ebrard of Mexico. Typically, these meetings combine sharing the group’s business status and vision with bid promotion. Chairman Chey introduced SK’s four major business sectors: green business, bio, digital, and semiconductors and advanced materials technologies.

Lotte rolled up its sleeves for the Expo bid, holding its first VCM (a meeting equivalent to the group’s presidents’ meeting) in Busan on the 14th. Chairman Shin Dong-bin emphasized the significance of the bid, urging not to settle for short-term performance. Lotte also formed a company-wide organization, the 'Lotte Group Bid Support TFT,' led by Lotte Holdings CEOs Song Yong-duk and Lee Dong-woo. On the 13th, Lotte held the 'FLY TO WORLD EXPO' event at the Busan Sajik Baseball Stadium, home of the Lotte Giants, to pray for the Expo bid. Chairman Shin visited the Sajik Stadium in Busan for the first time in seven years.

Hyundai Motor and LG are also actively involved. Hyundai Motor Group announced on the 12th that it would pour its group capabilities into the bid. From the 15th, a promotional video for the bid was screened on a large LED (light-emitting diode) billboard at the Hyundai Motor and Kia booths at the Busan International Motor Show. Starting in the second half of the year, Hyundai will conduct a bid campaign using QR codes at its brand experience centers, 'Hyundai Motorstudio,' in Busan and Goyang. When key officials from member countries of the Bureau International des Expositions (BIE) visit Korea, they will be invited to Hyundai Motorstudio and other venues to highlight Busan’s strengths and request support for the bid.

On the 6th, Hyundai Motorstudio Busan hosted a bid event attended by senior government officials and 23 ambassadors from ten major Latin American countries, including Costa Rica, Guatemala, Paraguay, Brazil, and Colombia. Hyundai Motor Group was the first among domestic conglomerates to establish a dedicated group-level organization to support the Busan Expo bid as early as August last year.

LG also formed a task force led by CEO Cho Ju-wan of its core affiliate LG Electronics on the 6th. The TF includes overseas regional representatives, overseas subsidiary management, the global marketing center, the Korea sales headquarters, and the public relations and external cooperation center. LG plans to mobilize its network of approximately 140 overseas subsidiaries to promote and garner support for the Busan Expo bid among BIE member countries.