Prime Minister Kim Boo-kyum, Chairman Christopher Koo of the Korean International Trade Association (KITA), Minister Moon Seung-wook of the Ministry of Trade, Industry and Energy (MOTIE), Chairman Kim Young-ju of the Busan World Expo 2030 Bid Committee, Busan Mayor Park Hyeong-joon, and Chairman Yoo Myung-hee, head of the Busan World Expo 2030 Bid Planning Office. Concurrently minister for trade, participate in an inaugural general meeting of the Busan World Expo 2030 Bid Committee at Lotte Hotel in downtown Seoul on July 13. (Photo: Busan Metropolitan City)

The top 10 business groups decided to join forces in a bid to attract World Expo 2030 to Busan.

If Korea wins the right to hold the event, Korea will be the seven country in the world to host all the three mega world events – the World Cup, Olympic Games and World Expo.

Major economic organizations in cooperation with the top 10 conglomerates decided to lend a hand to the bid by mobilizing their human networks.

The Busan World Expo 2030 Bid Committee held an inaugural general meeting at Lotte Hotel in downtown Seoul on July 13.

Seventy-eight people, including heads of the conglomerates and representatives from several walks of life, were nominated as members of the bid.

Former chairman Kim Young-ju of the Korea International Trade Association (KITA) was elected as chairman.

Among other members of the bid were Hyundai Motor Group Chairman Chung Eui-sun; SK Group Chairman Chey Tae-won; LG Group Chairman Koo Kwang-mo; Lotte Group Chairman Shin Dong-bin; POSCO Chairman Choi Jeong-woo; Hanwha Group Chairman Kim Seung-youn; GS Group Chairman Huh Tae-woo; Hyundai Heavy Industries Group Chairman Kwon Oh-kap; and Vice Chairman Chung Yong-jin of Shinsegae Group.

Chairman Lee Sung-hee of the National Agricultural Cooperative Federation (NACF); KT President Koo Hyun-mo; Chairman Cho Won-tae of Hanjin Group; and Chairman Park Jeong-won of Doosan Group are also sitting on the committee.

In particular, chairmen of five business groups — Samsung, Hyundai Motor, SK, LG and Lotte — have been named as vice chairmen of the bid committee.

Late chairman Lee Kun-hee of Samsung Group played a part in attracting the 2018 PyeongChang Winter Olympics, as he had meetings with IOC members.

Unlike attracting any previous extravagant events, a support regime for corporate collaboration will not be in place to attract the 2030 Expo.

Chairman Kim of Busan World Expo 2030 Bid Committee said, “We’ll devote ourselves to attracting the expo by making the most of overseas networks of the Korean business community, including five business groups, and the government’s diplomatic capabilities.” Major economic organizations are expected to join forces in the effort to attract the expo.

KITA Chairman Christopher Koo, Chairman Sohn Kyung-shik of the Korean Enterprises Federation (KEF), K-BIZ Chairman Kim Ki-moon, and Chairman Kang Ho-kap of the Federation of Middle Market Enterprises of Korea are also sitting on the bid committee.

World Expo is one of the world’s extravagant events along with Olympic Games and World Cup.

World Expo is an event designed to introduce human beings’ industry and science and technology development outcomes as well as each country’s national power, so it is dubbed “Economic and Cultural Olympics.”

In particular, if Korea succeeds in attracting 2030 World Expo, the Korean government expects the nation to raise Korea’s national standing by showcasing its advanced future technologies such as AI and smart airport.

World Expo refers to a large-scale fair registered with the BIE under the theme of human progress, and is held every five years. Specialized Expo is held on a smaller scale between registered expos.

Korea already hosted the 1993 Daejeon Expo and the 2012 Yeosu Expo as Specialized Expos. They generated a lot of positive economic effects and went down in history as successful events.

Whether Busan will be the venue of the 2030 World Expo will be decided around December 2023.

An official with the Ministry of Trade, Industry and Energy said, “The Bureau International des Expositions (BIE) is to hold a general meeting in November 2023 or December at the latest to decide the venue of the 2030 World Expo.”

Prime Minister Kim Boo-kyum said, “Korea needs to solidify its international leadership through the attracting of the 2030 World Expo.”

A government support committee to attract the 2030 World Expo, comprising of the central government and Busan City, will be formed to back up activities of the Busan World Expo 2030 Bid Committee, he added.