Although major Korean companies made extensive use of their available resources to help Busan host the 2030 World Expo, they were unable to overcome Saudi Arabia’s oil money and suffered a crushing defeat in the first round of voting. However, during the bidding process, Korea’s public and private sectors came together as a team and showed Korea’s huge potential to the world.
In particular, the heads of major Korean business groups, including Samsung Electronics Chairman Lee Jae-yong, SK Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, and LG Group Chairman Koo Kwang-mo, played their roles as private diplomats and traveled around the world. Although the results could not be overturned, the companies gained assets such as global networks and new market development during the bidding process, experts say.
On Nov. 29, when Riyadh, Saudi Arabia was chosen as the venue for the 2030 World Expo, economic groups expressed their gratitude for Korean companies’ hard work and efforts, saying that their bidding activities for Busan became their valuable assets.
“Korean companies’ concerted efforts to bring the World Expo to Busan not only took Korea’s national competitiveness to the next level, but served as an opportunity to expand Korean industries’ global perspectives,” the Korea Chamber of Commerce and Industry (KCCI) said in a commentary. “Each country hoped to partner with Korea with a diverse business portfolio, from consumer goods to cutting-edge technology and future energy solutions. The companies achieved meaningful results, such as pioneering new markets, diversifying supply chains, and securing new business opportunities.”
“We are said to see Busan’s bid to host the World Expo thwarted despite the nation’s big efforts and strong aspirations,” the Federation of Korean Industries (FKI) said. “Although we were not successful this time, the Korean government, the Korean business community, and the Korean people all stuck together as a team during the preparation process” he emphasized. He added, “The efforts and experience in hosting the Expo will lay the foundation for Korea’s takeoff to become an Asian leader and further, a global leader in the future.”
“This bidding activity not only served as an opportunity to promote Korea as a economically and culturally developed country to the world, but raised the country’s status by establishing a wide network through meetings with many leaders from around the world,” said a representative of the Korea Enterprises Federation.
Korean economic groups and 12 major Korean business groups had been promoting the Busan Expo by meeting representatives of BIE member countries. According to the KCCI, leaders of 12 large Korean business groups have met about 3,000 high ranking officials including heads of state from 175 countries in the past 18 months since the launch of the 2030 Busan World Expo Committee led by the private sector in June last year.
In particular, the five major Korean business groups, including Samsung, SK, Hyundai Motor, LG, and Lotte, continued to take active steps, accounting for 89.6% of all negotiation activities. In addition, 52% of all negotiation activities were attended by heads or CEOs of major Korean companies.
Even amid a trial, Samsung Chairman Lee Jae-yong showed his sincerity in efforts to bring the World Expo to Busan by going on overseas business trips almost every month. Starting with the Korean President’s visit to the United Arab Emirates (UAE) and Switzerland in January of this year, Lee flew to Japan, China, the United States, France, Vietnam, Egypt, Israel, Europe, and several South Pacific islands.
SK Chairman Chey Tae-won, who served as co-chairman of the private-sector bid committee, showed his strong sincerity and passion on crutches even though one of his legs was broken. Recently, due to his busy schedule, Chey did not hesitate to sit in an economy class seat and participated in activities to help Busan host the World Expo.
In August last year, Hyundai Motor Chairman Chung Eui-sun was the first among large Korean companies to form the Busan Expo Support TFT, a group-level organization. He personally visited the Czech Republic, Slovakia, the United States, Indonesia, the UAE, France, Vietnam, and India to request support for Busan.
LG Chairman Koo Kwang-mo also carried out Busan Expo promotion activities targeting major strategic countries. Koo visited the United States, Canada, Africa, and Poland to ask them to support Busan in punching a ticket to host the World Expo.