Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won speaks during a press briefing at Haevichi Hotels & Resorts on Jeju Island, Wednesday. Courtesy of KCCI

Chey 'optimistic' about Busan's bid to host World Expo 2030

By Lee Hyo-sik

JEJU ― Korea will beat Saudi Arabia in the ongoing competition to host the World Expo 2030, as Samsung, SK, Hyundai Motor and other large business groups here have rolled up their sleeves to attract the international event to the southeastern port city of Busan, according to the head of the country's largest business association, Wednesday.

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, who is also chairman of SK Group, said he and his fellow business tycoons will make every effort to help Busan defeat the Saudi Arabian capital of Riyadh when the 170 Bureau International des Expositions (BIE) member nations vote on an Expo venue in November 2023.

"We are optimistic about Busan's bid," Chey said during a press briefing at Haevichi Hotels & Resorts on Jeju Island. "I am very much aware of Saudi Arabia's efforts to host the event in 2030. Some say that Riyadh is ahead of Busan. But nobody knows how it will turn out when countries vote in November next year."

Chey, who serves as the co-chairman of the Bid Committee for World Expo 2030 Busan, said some countries that have publically declared support for the Saudi Arabian city, are also indeed supportive of Busan's bid, stressing that he will double campaign activities in the coming months.

"It isn't over until it is over. Business circles will make more efforts to bring the event to Korea because hosting the Expo is also good for the overall economy. It will raise the nation's profile on the global stage as well," the KCCI chairman said.

Chey and other business leaders, including Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin, have been traveling abroad to meet foreign government officials and business counterparts, to ask for their support for Busan's bid.

However, Riyadh appears to be the frontrunner at the moment, as it has reportedly garnered the official support of more than 70 BIE member countries. The Saudi capital is considered to have won their support via "oil money," common religious beliefs and Crown Prince Mohammed bin Salman's visits.

Korean firms face bleak economic outlook

Chey presented a bleak business outlook for the remainder of the year, saying that companies will continue to grapple with soaring raw material costs, higher borrowing costs, global supply chain problems and other unfavorable conditions for the time being.

"I think things will get worse before they get better. Businesses will continue to struggle with a host of downside risks throughout 2023. But fortunately, local firms are in better positions than their global rivals because they are better trained to deal with economic downturns."

The KCCI chairman then stressed the importance of forging strong economic ties with allies, saying Korea cannot solve these problems alone. "It is important to work together with our allies. Korea should take the initiative and build constructive partnerships with as many countries as possible. In this regard, it is critical for us to normalize our relations with Japan."