Busan Competes to Host 2030 Expo, Promising Economic Boost and Global Recognition
From the cultural world to the financial world, to the political world. Now Korea has become one. Today’s keyword is ‘Busan and Expo’. The Expo is also called the Economic and Cultural Olympics because it allows you to see the development and achievements of industrial technology and science and technology around the world at a glance.
The ripple effect is so great that products that have led the development of human civilization, from light bulbs to cars, TVs, and telephones, were all unveiled at the expo. “Expo? Wasn’t it held in Daejeon or Yeosu?” Some of you may be thinking. The 2030 Expo held this time is different.
The expo is divided into two types, ‘registration expo’ and ‘recognized expo’. The expo that Busan is challenging this time is a registered expo. The biggest difference between the two expos is their scale. First of all, recognition expos, which Korea has held twice, must be held in a limited scale with a clear theme, but there are no such restrictions in the case of registered expos. The holding period is also different. Recognition expos are held for up to three months, whereas registration expos are held for up to six months.
How to recruit participating countries? In the recognized expo, the host country pays for both the site and the national pavilion, and the participating country is free to rent it. As such, the economic effect brought about by the registration expo must be beyond imagination, right? The economic benefits brought by Korea from the 2002 Korea-Japan World Cup and the 2018 Pyeongchang Winter Olympics were 17 trillion won and 29 trillion won, respectively. If the 2030 Busan Expo is held, an economic effect of 61 trillion won and 500,000 jobs are expected to be created.
Currently, Busan is competing with Riyadh in Saudi Arabia and Rome in Italy to host the 2030 Expo. Saudi Arabia, which is considered the strongest competitor, is launching an offensive to attract oil money. In response, Korea is counterattacking by highlighting its contribution to the global society, its ability to host international events, its cultural capabilities, and the historical significance of Busan. There was an analysis that Korea, which challenged to host the expo six months later than Saudi Arabia, was inferior, but there are many evaluations that it is worth a try.
The selection of the venue for the expo is decided by secret ballot among 170 member countries of the International Exposition Organization (BIE). It may be relatively difficult for Korea to get more votes than Saudi Arabia in the first round of voting, but it is believed that a reverse victory is possible by absorbing the votes of European countries that supported Italy in the final round.
If the 2030 Busan Expo is successful, Korea will become the 7th country to host all three major international events including the Olympics, World Cup, and Expo. Aren’t you proud just by imagining it? Only 5 months left now. We look forward to Busan being selected as the host of the 2030 Expo at the BIE regular general meeting to be held at the end of November.
What are the potential economic benefits for Busan if it successfully hosts the 2030 Expo?
‘m sure many would ask. It is done through voting by member countries of the International Exhibitions Bureau (BIE), which is responsible for approving and organizing expos. The bidding process is highly competitive, as cities from around the world vie for the opportunity to host this prestigious event.
Busan, known as Korea’s second largest city and a major international port, is actively competing to host the 2030 Expo. The city sees this as a golden opportunity to boost its economy and gain global recognition on a grand scale. With its strategic location and well-developed infrastructure, Busan has the potential to become an ideal host for this international event.
Hosting the expo would bring immense economic benefits to Busan. The influx of visitors from around the world would stimulate various industries such as tourism, accommodation, transportation, and hospitality. It would create employment opportunities and generate revenue for local businesses. The expo site itself would require significant investment in construction and infrastructure development, providing a boost to the local construction industry.
Furthermore, hosting the expo would showcase Busan’s capabilities and achievements in various fields, including technology, innovation, and culture. It would be an opportunity to promote Korean products and services to a global audience, attracting international investment and business partnerships. The expo would serve as a platform for networking, collaboration, and knowledge exchange among participating countries and organizations.
In addition to the economic benefits, hosting the 2030 Expo would give Busan global recognition and put it on the map as a hub of international events. The expo would attract media attention worldwide, providing a platform for promoting the city’s unique attractions and offerings. It would enhance Busan’s reputation as a global city and a center for trade, commerce, and cultural exchange.
Busan faces stiff competition from other cities competing to host the 2030 Expo. However, the city has a strong track record of successfully hosting major international events, such as the Asian Games and the Busan International Film Festival. Its experience, infrastructure, and passionate community make it a strong contender for this prestigious opportunity.
As Busan competes to host the 2030 Expo, it promises not only an economic boost but also global recognition. The city has the potential to leave a lasting impact on the international stage, showcasing Korea’s achievements and contributions to the world. With its vibrant culture, rich history, and forward-thinking mindset, Busan is ready to take on the challenge and make a mark on the global stage.
