Invest KOREA Summit opens to promote Busan's World Expo bid

Foreign correspondents look at Busan's North Port from a boat during a press tour held on the sidelines of the Invest KOREA Summit 2023, Monday. Korea Times photo by Park Jae-hyuk

BUSAN — Braving strong winds under a cloudy sky, a cruise ship carrying foreign correspondents in Korea sailed on Monday off the coast of Busan’s North Port, which is the candidate site for the World Expo 2030.

The way to the port from Busan Station was congested due to multiple construction sites. Entering the anchorage point for the cruise was even forbidden to the public.

Looking at the construction sites from the boat, Lee Seung-woo from Busan Metropolitan City’s Overseas Expo Outreach Division introduced the sites as the places to be transformed dramatically into an eco-friendly waterfront park, if the second-largest city in Korea is chosen as the venue for the World Expo 2030 in a vote on Nov. 28 by the members of the Bureau International des Expositions (BIE).

“The site is two to three times larger than the sites for the Milan and Osaka Expos,” he said. “Busan has hosted numerous global events, and the city’s weather will be pleasant at the time of the World Expo between May and November.”

He added that the Korean government will bear the costs for the construction of exhibition pavilions for developing countries.

Foreign correspondents showed a keen interest in Busan’s plan, with some asking questions in Japanese and Chinese via translators.

The press tour marked the beginning of the 19th Invest KOREA Summit, Korea’s largest investment promotion event which was held for the first time in Busan since it started as Foreign Investment Week in 2006.

During the three-day event that will close on Wednesday, the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) seek to show Busan to the world, as part of the government’s final push to support Busan's bid to host the international event.

First Vice Minister of Trade, Industry and Energy Jang Young-jin, third from right, speaks to foreign journalists during the Invest KOREA Summit 2023 at Nurimaru APEC House in Busan, Monday. Courtesy of Korea Trade-Investment Promotion Agency

Seeking open trade environment

Following the press tour of the port, First Vice Trade Minister Jang Young-jin presided over a press conference on Korea’s trade policies and plans to attract foreign direct investments.

“To host the World Expo 2030, we are going all out to ask for support from the BIE members,” the vice minister said. “The government will make efforts to create a business-friendly investment environment, while actively participating in international negotiations on trade.”

Jang mentioned the government’s strict stance on militant labor unions as part of efforts to improve the nation’s business environment.

He also said that the government is not considering building a trade barrier similar to the U.S. Inflation Reduction Act, although the measure has led many Korean and global companies to invest in the world’s largest economy.

“It is difficult for trade-reliant Korea to take a stance similar to those of the U.S. and Europe, so our country wants opened trade and investment environments,” he said. “Even if the U.S. and the European Union build barriers for various kinds of reasons, we are communicating with them to look for new opportunities.”

In response to questions from Thai and Vietnamese reporters regarding Korea’s investments in Southeast Asia, the vice minister emphasized the importance of the region, saying that Korea’s trade with the ASEAN nations has grown rapidly.

“The rising production costs in China and the growth of Chinese companies’ competitiveness led Korea and many other countries to change their investment strategies, making the ASEAN region an important trade and investment destination,” he said.

Reporters from Japan and China were also interested in Korea’s trade policies which have changed significantly since the inauguration of President Yoon Suk Yeol last year.

“Japan is good at materials, components and equipment, while Korea is good at end products, so there is room for additional cooperation between the two countries,” Jang said. “Regarding Korea’s cooperation with China, we will continue cooperating and talking with the largest trade partner, although we acknowledge political tensions between the U.S. and China.”