By Ryu Jin
Staff Reporter
The 2012 World Expo in Yeosu is expected to generate production worth over 10 trillion won ($10.7 billion), even more than the 2002 FIFA World Cup finals which brought about the largest economic benefits to the country so far.
Construction of expo facilities and infrastructure will increase related industries, and over 8 million visitors from home and abroad will boost retail and wholesale businesses as well as restaurants and hotel trade.
Yeosu, a port city about 455 kilometers southwest of Seoul, was selected as the venue for the 2012 World Exposition in a vote at the 142nd General Assembly of the Bureau of International Expositions (BIE) in Paris early Tuesday morning (KST).
Scheduled for May 12-Aug. 12, 2012, the event will be held under the theme ``The Living Ocean and the Coast: Diversity of Resources and Sustainable Activities.’’
According to the Korea Institute for Industrial Economics and Trade (KIET), the exposition is expected to create about 90,000 jobs and generate production and wages worth over 10 trillion won plus an added value of 4 trillion won.
The international football tournament in 2002 created about 11.5 trillion won in various economic benefits and the Seoul Olympic Games in 1988 brought about some 4.7 trillion won for the country.
``Among other things, the development of the country’s southern coastal areas will gain momentum," said Kim Young-soo, an analyst at the KIET. ``Infrastructure such as railroads and ports will be expanded, which will help boost economic activities in the region.’’
Infrastructure such as roads, ports, railways and airports in Yeosu and adjacent areas will be expanded to provide convenient transportation and accommodation for the 8 million visitors including some 670,000 foreign guests.
Experts expect that Yeosu and other regions in South Jeolla Province would obtain some 60-70 percent of the economic benefits arising from the international fair.
The government plans to funnel an estimated 1.7 trillion won to construct the expo complex that spans over 400 million square meters and use 12 trillion won to build the necessary infrastructure including roads, railways and airports by 2011.
Over 45,000 new rooms at hotels and condominiums will be available in the primary and secondary areas by 2012, offering convenient accommodation to visitors during the event, according to the Ministry of Maritime Affairs and Fisheries.
Yeosu is one of the country’s major coastal industrial cities with a large industrial complex. Officials say that the city could set a good example for a sustainable development with the pursuit of both development and environmental conservation.
Tourism will also flourish in the regions, as the city has a total of 317 islands scattered on its coasts. Designated as a national park, the natural archipelago has already made the city one of the most popular holiday destinations in the country.
South Korea, currently ranked 12th in the world in terms of maritime power, aims to be one of the world’s top five maritime powers by 2016 by improving the national image and constructing infrastructure for the 2012 World Expo in Yeosu.
``The Jeolla Province areas, which have fallen behind other areas, will be given a chance to see a hike in growth through the rush of tourism businesses,’’ Yeosu Mayor Oh Hyeon-seop told reporters in Paris.