Busan committed to transforming our world, navigating toward a better future

By Song Kyung-jin

The Enquiry Mission of the Bureau International des Expositions (BIE) is in Korea to examine and assess Korea's candidature to organize the World Expo in 2030 in Busan under the theme of Transforming Our World, Navigating Toward a Better Future. It is a most critical step in the lead-up to the election of the host country by the 171 member nations during the 173rd General Assembly of the BIE in November.

Much of the cheers and attention of the nation is drawn to the Enquiry Mission and the World Expo. Naturally so. The World Expo is often considered one of the three global mega events together with the Olympics and the World Cup.

Since its inception in 1928, education, innovation and cooperation have been the main themes of the BIE. World Expos have provided platforms to address the most critical challenges the world faces and share visions for the future.

Coincidentally, 2030 is the target year the world pledged to achieve the U.N. Sustainable Development Goals (SDGs). Progress toward the SDGs moves very slowly despite a multitude of multilateral forums having adopted SDGs as their main goals. The global community, therefore, needs to muster all its resources available to expedite progress. Aligned with the SDGs, the theme of Korea's candidature is centered on presenting solutions to global challenges such as climate change, pandemics, the digital divide, growing inequality and development gaps.

The World Expo is a highly effective venue whereby such global challenges can be effectively addressed for education, innovation and cooperation in line with the BIE themes. The world should not waste this great opportunity that the World Expo offers.

Korea has shown the prime importance of education throughout its stride toward economic development. Korea has sometimes gone overboard on education and it still is in many senses, but there is no denying that education was at the heart of Korea's rise from the ashes of the Korean War by producing skilled human resources.

Education laid the groundwork for investment in research and development (R&D) and innovation at an early stage of economic planning in the 1960s. Korea is one of the few cases that show a positive correlation between investment in R&D (innovation) and economic development. Built upon this tradition, it now is one of the most technologically advanced nations, which has valuable assets to share with others to advance the SDGs. Digital-based technology, such as fintech, digital administration and 5G, have helped many people to deal with the pandemic. Korea can assist developing countries to adopt digital-based technologies for employment opportunities and inclusive growth.

As has been the case for over a decade or two, Korea is determined to yet again make serious efforts to bridge the developed and developing worlds. As the World Expo gains more steam, more resources have been mobilized to facilitate the participation of developing countries. Korea's commitment to bring as many developing countries as possible to Busan in 2030 will make more assistance available.

It will strive to play a pivotal role in promoting international cooperation by sharing its developmental experience and technological capabilities with developing countries. Developing countries are also keen to learn how Korea successfully overcame two of the latest crises ― the 1997-98 Asian financial crisis and the 2008 global financial crisis ― and the lessons and implications for them, as many of them are under great stress due to financial and economic difficulties stemming from the slower-than-expected global economic recovery and stubborn inflation.

Korea, being the first country that introduced climate change as a theme, should not only press the international community to join hands to deal with climate change but also expand cooperation with multilateral development banks to enhance their capital base so as to provide more assistance to developing countries.

World Expo 2030 Busan will take the center stage in our effort toward bridging both worlds ― developed and developing. Busan is a transport and logistics hub, boasting the world's second-largest transshipment port as of 2020 as well as an airport and railways. Moreover, the city has a world-class infrastructure, future technology, development and welfare. Busan is visited by over 40 million tourists annually.

Busan aims to open a new door for the World Expo by promoting an open Expo that assembles the global community through the metaverse, a carbon-neutral Expo that applies green technology, an inclusive Expo that brings as many developing countries as possible, a new technology Expo that guarantees the convenience of visitors, a cultural Expo that encourages all people to exchange and enjoy their culture and a data-driven Expo that celebrates the BIE's centenary and records the history of Expos.

This way World Expo 2030 Busan will guide us to navigate toward a better future.

Since long before its BIE membership in 1987, Korea has not missed a single Expo. Still, Korea has not hosted one Registered Expo. The time is ripe for Korea to host one.

Dr. Song Kyung-jin (kj_song@hotmail.com) led the Institute for Global Economics (IGE), based in Seoul and served as special adviser to the chairman of the Presidential Committee for the Seoul G20 Summit in the office of the president. Now, she is the executive director of the Innovative Economy Forum.