With mega Invest Korea Summit launch, Busan bolsters its claim to host World Expo 2030

BUSAN: Less than a month away when the winning city for hosting the World Expo 2030 is announced on November 28, South Korea launched an all-out mega initiative – 2-23 Invest Korea Summit in Busan on Monday to exhibit its prowess and strengthen its claim.

Leading a team of foreign journalists on a cruise ship in Korea sailed on Monday off the coast of Busan’s North Port, which is the candidate site for the World Expo 2030, Lee Seung-woo, head of Busan Metropolitan City’s overseas expo outreach division, said “The area is two to three times bigger than the previous World Expo locations in Italy’s Milano, or even than Japan’s Osaka where the next World Expo is happening in 2025.”

The idea behind inviting foreign journalists to Busan is to show to the world that South Korea is a fit candidate and a frontrunner in its claim to host the World Expo in 2030, the South Korean authorities said. The media tour also marked the beginning of the 19th Invest KOREA Summit, Korea’s largest investment promotion event which was held for the first time in Busan since it started as Foreign Investment Week in 2006.

On Tuesday these journalists will be touring The Invest Korea Summit site in Busan where an international of expo of a mammoth scale is happening for the first time. South Korea’s capital city Seoul hosted such shows previously. Korea has put up its claim to host the World Expo under the theme “Transforming Our World, Navigating Toward a Better Future”.

The other contending cities having staked their claim on hosting this mega event include Rome (Italy) and Riyad (Saudi Arabia) under their themes “People and Territories: Urban Regeneration, Inclusion and Innovation”, and “The Era of Change: Leading the Planet to a Foresighted Tomorrow”, respectively. The 179 member countries of the Bureau International des Expositions (BIE) will decide the final host.

South Korea’s neighboring country Japan, which is hosting the World EXPO 2025 in Osaka-Kansai, has twice organized it previously in 1970 and 2005. 

The Invest Korea Summit 2023, hosted by the Ministry of Trade, Industry, and Energy and organized by Invest KOREA, part of the Korea Trade-Investment Promotion Agency (KOTRA), brings more than 250 foreign investors in semiconductors, electric vehicles, secondary batteries, and energy from over 30 countries to Busan to explore business opportunities in Korea.

Later on Monday evening the 1^st Vice Trade Minister Jang Young-jin, addressed the press gathering of foreign journalists to kick-start the 2023 Invest Korea Summit at Nurimaru APEC House in Busan.

In his address, he clarified that the government has no plans to erect trade barriers akin to the U.S. Inflation Reduction Act. This move, while adopted by the U.S., prompted numerous Korean and global companies to funnel investments into the world’s largest economy.

“Our trade-dependent nation finds it challenging to adopt a stance akin to that of the U.S. and Europe. Instead, we seek open trade and investment environments. Even in the face of barriers set up by the U.S. and the European Union for various reasons, we’re engaged in dialogue to unearth new opportunities, ” he added.

While talking about Korea’s investments in Southeast Asia, the vice minister underscored the significance of the region. He highlighted the rapid growth in trade between Korea and ASEAN nations.

“The escalating production costs in China and the enhanced competitiveness of Chinese companies prompted Korea and many other nations to shift their investment strategies, turning the ASEAN region into a pivotal trade and investment hub,” he explained.

Jang also highlighted the historic high in foreign direct investment (FDI) pledges to Korea, totaling $23.95 billion in the first nine months of the year, marking an impressive 11.3 percent increase from the previous year.

“Korea aims to further bolster FDI pledges, and we hope to achieve this through this summit,” Jang concluded.

As regards journalists’ interest in Korea’s revamped trade policies since President Yoon Suk Yeol took office last year, the minister said, “Japan excels in materials, components, and equipment, while Korea shines in finished products. This presents opportunities for further collaboration between our countries,” Jang pointed out. “Regarding our partnership with China, we will persist in cooperating and engaging in discussions with our largest trading partner, despite acknowledging political tensions between the U.S. and China.”

“Chinese investors are directing their investments towards Korea, particularly in the realm of secondary batteries,” Jang observed. “Our core stance is one of active support for Chinese businesses, as well as any other foreign investors, to ensure they face no hindrances in conducting business in Korea, be it in terms of taxation or financial incentives,” Jang emphasized during the press briefing.

Jang also outlined Korea’s strategic approach to navigating the geoeconomic relations between the U.S. and China.

“While it’s true that the U.S. and China are embroiled in geopolitical tensions concerning their national security, as the U.S. government has stated, this isn’t about complete separation, but rather about mitigating risks,” he clarified.

As an example, he mentioned China’s recent imposition of export controls on graphite, a crucial material for producing EV batteries that Korea heavily relies on. However, Jang assured that Korea and China are in close communication to address this issue and prevent any disruption to Korea’s EV supply chain.