Business and Economy
Busan offers higher perks as it bids to host World Expo 2030
BUSAN 2030. Busan Metropolitan City Overseas Expo Outreach Division director Hwang Hyun-ki explains the port redevelopment project in Busan, the city which South Korea has chosen to host the World Expo 2030, in an interview Sunday (Sept. 24, 2023). The port city is up against Rome, Italy and Riyadh, Saudi Arabia in the hosting bid. (PNA photo by Kris Crismundo)
BUSAN, South Korea – Higher incentives await participating developing countries, including the Philippines, at the World Expo 2030 should the South Korea government win the bidding to host the international event.
South Korea will provide USD4 million for each developing country that will participate in the World Expo 2030, according to Hwang Hyun-ki, Busan Metropolitan City Overseas Expo Outreach Division director.
Hwang said the incentive is higher than the USD3 million other World Expo bidders Italy and Saudi Arabia will provide.
“It’s USD4 million covering 110 countries out of 180 to build their pavilion and support the manpower or the material to run their own country pavilion,” he told participants of the 2023 International Journalists Invitation Program of the Korean Culture and Information Service here Sunday.
Part of the assistance for developing countries will include construction of the pavilions, arrangement of pre-events, provision of communications, as well as operating, travel, and lodging expenses.
The World Expo is a prominent platform to showcase nations’ economic and cultural strengths to the international community.
It is also where participating countries share best practices and offer new solutions to the evolving challenges that the planet is facing.
During the Philippine Country Business Briefing at Expo 2020 Dubai, held in 2022 due to the Covid-19 pandemic, the Philippines bagged PHP33 billion worth of investments that would have generated 4,000 new jobs after participating in the international exposition.
The expo is being held every five years. Osaka, Japan will host the 2025 edition.
Busan is vying for one of the world’s most famous events as hosting the World Expo 2030 could bring economic impact, generate jobs, and boost tourism for the host city.
Hwang said the Korean government urges the Association of Southeast Asian Nations (ASEAN) member countries to support South Korea’s bid for the World Expo 2030.
He added that Busan’s hosting of the expo would mean increased demand for goods that can be sourced from the Philippines and nine other ASEAN member states.
