Promotion for 2030 Busan World Expo Bid
Establishment and Implementation of 2023 Trade Promotion Plan
[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City has established and is actively implementing the ‘2023 Trade Promotion Plan’ to promote the bid for the 2030 Busan World Expo and to help local small and medium-sized import-export companies develop overseas market channels.
The Trade Promotion Plan, prepared under the vision of ‘Busan, the Center of Global Trade and Trade City,’ includes support totaling 4.8 billion KRW for 8,067 companies across four areas: ▲overseas marketing linked to the 2030 Busan World Expo ▲support for export companies to respond to economic crises ▲strengthening export competitiveness through digital trade ▲building a global network to expand export channels.
◆ Strategic Overseas Marketing to Develop Overseas Channels
The city will actively reflect the results of the ‘Export-Import Companies Overseas Marketing Satisfaction Survey’ conducted in December last year and promote direct (face-to-face) overseas marketing support projects, which had been restricted due to COVID-19 over the past two years.
With a budget of 660 million KRW, about 70% higher than last year, the city will support approximately 660 small and medium-sized enterprises to participate in major overseas exhibitions and expos. Additionally, trade delegations will be dispatched to key strategic regions by industry to actively support business meetings between overseas buyers and Busan companies.
In particular, to create synergy between promoting the bid for the 2030 Busan World Expo and developing new export channels for export companies, overseas marketing activities targeting member countries of the International Bureau of Expositions (BIE) in North Africa and Europe will be actively pursued.
◆ Active Support for Export-Import Companies Responding to Economic Crises
Since the second half of last year, the city has been implementing the ‘Export Competitiveness Enhancement Measures’ to support small and medium-sized enterprises struggling with rising raw material prices, logistics costs, and the won-dollar exchange rate.
This year, the city will continue to build a resilient export ecosystem against economic crises by implementing ▲voucher support projects to help export-import SMEs overcome crises ▲support for SME export insurance premiums ▲expanded support for overseas logistics costs of export companies.
Furthermore, to stabilize the management of small and medium export companies, the city operates the ▲Busan Export One-Stop Center, providing comprehensive guidance on export support policies, consultations, and education on export-import difficulties.
◆ Strengthening Corporate Export Competitiveness
To enhance corporate export competitiveness, the city promotes digital trade by supporting the use of global online platforms such as Amazon and Alibaba. It also implements projects such as the ▲Global Export Star Company Development Project and the Export Newcomer Company Marketing Coordinator Project to provide customized support according to corporate export capabilities. Additionally, training for trade professionals, including international marketing specialists and trade practice experts, will continue to be promoted.
◆ Building Trade Networks
The city is making every effort to build trade networks to expand export channels and seek ways to overcome economic crises. It promotes ▲super-regional economic cooperation projects to improve friendly and economic cooperation relations with neighboring countries such as China and Japan, which had slowed due to COVID-19.
In particular, to commemorate the 30th anniversary of the sister city relationship between Busan and Shanghai, the city plans to support participation in the Shanghai International Import Expo and shipbuilding exhibitions. Also, the ▲Busan Export Support Institutions Council, newly established in 2022, will be actively promoted to explore responses to changes in the trade environment and ways to revitalize exports.
Mayor Park Hyung-jun stated, “Strengthening the export competitiveness of small and medium-sized enterprises is essential for Busan to emerge as a global city,” adding, “We will actively discover and implement support policies needed by the industry to ensure the stable operation and growth of export SMEs, capturing both goals of promoting the 2030 Busan World Expo bid and developing overseas market channels for local small and medium import-export companies.”
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