[Initial Perspective] 2030 Busan World Expo Bid... Time for the Business Community to Unite

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] The host city for the 2030 World Expo will be decided at the International Bureau of Expositions (BIE) General Assembly held in Paris, France, next November. There are currently 170 BIE member countries that will determine the host nation. No matter what tactics are used, the key is ultimately to win the votes of each country. Although it is a three-way contest among Busan, Riyadh in Saudi Arabia, and Rome in Italy, it is effectively turning into a showdown between Riyadh and Busan.

Even setting aside the hosting effects such as the "economic ripple effect of 61 trillion won and creation of 500,000 jobs," the registered World Expo holds a different status compared to recognized expos like the 1993 Daejeon Expo or the 2012 Yeosu Expo. When the host country provides the site, participating countries spend money to build their pavilions. It is expected to be a great opportunity to attract overseas tourists who had been hesitant since the COVID-19 pandemic.

So far, the situation has been heavily behind Riyadh. Backed by oil money, Riyadh has targeted African and Middle Eastern countries based on economic development and regional and religious ties, with more than 50 countries expressing support for Riyadh's bid. Saudi Arabia is building "NEOM City," a city near the Red Sea in the northwest that is 44 times the size of Seoul, as part of its national innovation strategy "Vision 2030." The total investment amounts to $500 billion, approximately 650 trillion won, which exceeds South Korea's entire budget last year (about 608 trillion won). The goal is to host the World Expo in line with the city's completion. The rationale and determination are both strong.

We need to find a turning point through private diplomacy. This is why the role of the business community is crucial. Choi Tae-won, chairman of SK and president of the Korea Chamber of Commerce and Industry, serves as co-chairman of the Busan Expo Hosting Committee and is directly attending the General Assembly to meet with member countries or garner support for the Expo during overseas trips.

Samsung has also been conducting private diplomatic activities by meeting government officials in Africa and Europe to promote the Expo bid. On the 15th (local time), Han Jong-hee, Vice Chairman of Samsung Electronics (head of the DX division), met with Anna Hallberg, Sweden’s Minister for Foreign Trade, at the Ministry of Foreign Affairs building in Stockholm to promote the "2030 Busan World Expo" bid and request support.

In particular, there are expectations that the dynamics will change following the reinstatement of Samsung Vice Chairman Lee Jae-yong. He is anticipated to become a central figure similar to the late Chairman Lee Kun-hee, who led the bid for the PyeongChang Winter Olympics.

After his pardon in 2009, Lee Kun-hee returned as a member of the International Olympic Committee (IOC) and engaged in private diplomacy by conducting over ten overseas trips and meeting with 110 IOC members over a year and a half. After securing the PyeongChang Winter Olympics bid, he actively promoted investments and support for various facilities to ensure the Olympics' successful completion.

When the PyeongChang Winter Olympics bid was confirmed in Durban, South Africa, in July 2011, more than a decade ago, Lee was moved to tears of joy?a memory that remains vivid in the public’s mind even after his passing.

Of course, private diplomacy is not limited to corporations. Recently, the hosting committee appointed actor Lee Jung-jae and BTS as promotional ambassadors for the World Expo bid. The global concert by BTS scheduled in Busan this October is already attracting worldwide attention. We hope this momentum will ignite nationwide enthusiasm for the bid.

Chairman Lee Kun-hee is moved with emotion as Pyeongchang is selected as the host city for the 2018 Winter Olympics at the IOC General Assembly in Durban, South Africa, in 2011.
[Photo by Asia Economy DB]