Invest Korea Summit 2023: A last-ditch but impactful effort to claim World Expo 2030 hosting in Busan

BUSAN (South Korea): Unmoved with the fact that less than a week is left for the Bureau International des Expositions (BIE) to announce the name of the winning country hosting the World Expo 2030, South Korea relentlessly continues to prepare its port city Busan for the big show with great hope. Competing hard against two other contenders – Italy’s Rome and Saudi Arabia’s Riyadh, Korea goes ahead undeterred with mega infrastructural development in Busan that recently hosted Invest Korea Summit 2023 in its last bid to showcase its prowess to the world.

With this, the Republic of Korea attempted to prove that this global megacity has full capacity and heartfelt aspiration to host the World Expo 2030 and is indeed a powerful potential for the realization of the ideals of the Bureau International des Expositions.

Having bid to host World Expo 2030 the decision on which is scheduled to be announced by BIE in Paris on November 28 (Tuesday), Busan is littered with mammoth signboards carrying large-scale promotions on all major intersections, public transport vehicles including buses and trains. Busan which is full of mountains and sea, and tall buildings, has all major buildings posted signs supporting the hosting of Big E.

The Invest Korea Summit 2023 organized in Busan on November 6-8 brought more than 250 foreign investors in semiconductors, electric vehicles, secondary batteries, and energy from over 30 countries to the show to explore business opportunities in Korea. During this event, four foreign companies pledged to invest more than $940 million in four areas: energy, future mobility, semi-conductor, and ICT. These companies included America’s Hines, Japan’s TOK, Thailand’s B. Grimm Power, and Spain’s Ocean Winds.

According to the BIE, the host country will be elected by Member States of the Bureau International des Expositions (BIE) during the Organisation’s 173rd General Assembly, taking place on 28 November. The Republic of Korea’s candidature is for a World Expo in the city of Busan between 1 May and 31 October 2030 under the theme “Transforming Our World, Navigating Toward a Better Future”.

During the 173rd General Assembly on 28 November, following Expo progress reports, each of the three candidates will make final presentations of their Expo projects. Eligible and present Member States of the BIE, represented by government-appointed delegates, will then vote for the World Expo 2030 host country by secret ballot using electronic voting. Each Member State has one vote. BIE rules stipulate that in the case of more than two candidates, a candidate must gather two-third of votes cast to be elected outright.

With three countries in the running to host World Expo 2030, if no candidate gathers two-third of votes cast in the first round, the third-place candidate is eliminated and the two remaining candidates will immediately move into a second round. The host country of World Expo 2030 will then be elected by a simple majority.

Busan a strong contender to host World Expo 2030:

Busan – the second largest city of the Republic of Korea shot into the global limelight ever since the country pitched this port city overlooking the expense of the Pacific Ocean as the next venue for the World Expo in 2030. Busan – a living testament to Korea’s “Great Transformation” of the past, present, and future, possesses all the necessary ingredients to emerge as the winner for hosting this mega show that comes every five years.

During the World Expo 2020 in Dubai, the Korean Pavilion, decorated with 1,597 spinning cubes, symbolically demonstrated Korea’s dynamism in leading the Fourth Industrial Revolution and sharing the future vision with mankind as a whole under the theme of the ‘Smart Korea, Moving the World to You.’

South Korea’s theme for the Word EXPO in 2030 in Busan “Transforming Our World, Navigating Toward a Better Future” is evidently the smart and wise extension of ‘Smart Korea, Moving the World to You.”

This global megacity of Busan is eager to host World EXPO 2030 on the basis of 3Ws: Well-developed; Well-placed; and Well-experienced.

Having hosted a series of events of global repute, Busan has historically played a crucial role in Korea’s path from being a recipient of economic assistance into a donor country within half a century. Strategically located, Busan is a transportation & logistics hub, and a connecting passageway from the Eurasian continent to the Asia-Pacific offering an easy access to world-class infrastructure such as airports, high-speed railways and top-edged ports.

Busan is playing a leading role in the transformation process amidst the Fourth Industrial Revolution. On July 23, 2019, Busan was designated as a regulation-free zone for Blockchain technologies to test innovative technologies and foster related businesses.

A center for Korea’s future industries, Busan Eco Delta Smart City, is becoming a logistics hub of Northeast Asia. This thriving city now serves as a center for marine science and R&D, and a home to relevant institutions, such as the Korea Maritime Institute (KMI) and the Korea Institute of Ocean Science and Technology (KIOST).

Busan is a much-loved city with 50 million tourists visiting from many countries around the globe annually. Whilst a thriving metropolis, it also offers a captivating natural environment emanating from the harmony among the sea – including the seven beaches in Busan -, rivers and mountains. This fun and lively city is at the forefront of promoting K-Culture through the holding of various cultural events, including the annual Busan International Film Festival, Busan One Asia Festival, and G-STAR.

The Busan municipality has an extensive experience of holding large-scale international events such as the Asian Games in 2002 and the APEC Summit in 2005.

The meaningful events it has hosted include the 2011 Busan World Development Institute General Assembly; 2014 ITU Plenipotentiary Conference; 2014 & 2019 ASEAN-ROK Commemorative Summit; the 2015 IDB Annual Meeting; and the International Federation of Freight Forwarders Associations (FIATA) World Congress in 2022.

Busan, the 5th and 13th largest MICE city in Asia and the world respectively with outstanding talent pool and exhibition infrastructure (such as BEXCO), has outstanding expertise in hosting international exhibitions.