[EXPO BID D-100] Financial firms give their all for Busan's World Expo bid

Industry

Published: 21 Aug. 2023, 20:00

[EXPO BID D-100] Financial firms give their all for Busan's World Expo bid

A promotion of Busan's bid for the World EXPO 2030 by Hana Financial Group in a football match in Busan on June 16 [HANA FINANCIAL GROUP]

Financial companies are mass promoting Busans’ bid for the World EXPO 2030, making millions of dollars in donations and advertising the event in cultural games.

One active supporter is Busan Bank (BNK), headquartered in the southern port city of Busan, with the bank creating a task force dedicated to the expo bid in April 2023.

In June, it released a video featuring the tourist spots visited by the Bureau International des Expositions (BIE) delegation during their visit to the city in April, including Gwangan Bridge. The video has more than 530,000 views as of this week.

BNK's efforts to bring the expo to Korea began in 2016 with the launch of an installment savings product dedicated to raising awareness of the international event.

“The Busan Expo will be a mega international event maximizing the core infrastructure for Busan’s transportation, tourism and convention, and help build the foundation for the city’s continuous growth across economy and culture,” BNK Financial Group Chairman Bin Dae-in said in June. He pledged BNK will “make a company-wide effort to attract the expo.”

BNK donated 3 billion won ($2.3 million) to the Citizens Committee World Expo 2030 Busan Korea in May, which is being used to promote the expo.

The committee, founded in 2015, works with the government and related agencies to collect the data needed to attract the expo in Busan.

KB Kookmin Bank also donated 100 million won to the committee in March to promote the expo on top of producing videos to support Busan’s bid for the expo. The videos feature high-profile celebrities, including former figure skater Kim Yuna and K-pop groups NCT Dream and aespa.

KB earned the right to conduct the banking and accounting operations of state-run companies based in Busan, including Busan Water Authority, as well as the management of Busan City’s idle funds.

The partnership is renewed every four years, with KB’s term lasting through the end of December 2024.

Shinhan Financial Group, which rolled out promotional campaigns at Incheon International Airport in time for the arrival of the BIE delegation in April, said it plans to expand the promotions in the coming months with the bid winner set to be announced in November.

A promotional booth for Busan World Expo 2030 run by Woori Financial Group in Paris [WOORI FINANCIAL GROUP]

Hana Financial Group advertised the expo via its banner at the national football league held in Busan in June, while Woori Financial Group promoted the expo at BIE's General Assembly in Paris in June at its hanok (Korean traditional house)-style booth.

“Companies are all-in to attract the event because it is a bigger expo than the ones held in Yeosu and Daejeon,” in 2012 and 1993, respectively, according to Ewha Womans University economics Professor Seok Byoung-hoon.

The upcoming world expo, held once every five years, is a registered expo with comprehensive themes. The expos held in Yeosu and Daejeon were recognized expos, which take place over a three-month period with limited themes.

“Companies will be able to showcase their latest technologies to visitors, which will be particularly helpful to manufacturers. Financial companies will also be able to promote their brands, which will be helpful for their overseas expansion,” Seok added.

Non-financial companies, headquartered in Busan, are also working to attract the expo in the port city.

Low-cost carrier Air Busan has been flying the A321neo aircraft with a wrap that reads World EXPO 2023 Busan, Korea, on its international routes since September 2022. The routes include destinations in Japan and China. The airline tickets distributed to passengers also have the following Korean sentence: “Air Busan supports the successful attraction of 2030 Busan World Expo.”

The airline “expects [the expo] to upgrade Busan’s reputation and raise its awareness globally,” said Lee Hyun-min, a spokesperson for the carrier. “A lot more tourists are expected to visit Busan during and following the event, and we believe Air Busan will be able to benefit directly.”

Over 24 million people visited Expo 2020 held in Dubai.

BTS concert held in Busan at Lotte World Adventure Busan in October [LOTTE WORLD ADVENTURE]

Lotte World Adventure Busan took a cultural approach, targeting children and K-pop fans to raise awareness of Busan and the international event.

In October, the theme park held a concert featuring BTS under the title "BTS〈Yet to Come〉THE CITY in BUSAN," with around 4,400 fans attending the two-day event. More than 60 percent were foreigners, the company said.

“Up until now, conglomerates played a major role in international events held in Korea by sponsoring the events,” Sookmyung Women’s University business Professor Suh Yong-gu said. “In Korea, organizations that lead globally are companies, not universities or the local government. So a chance to host the expo arises when companies actively promote the event.”

BY JIN MIN-JI [jin.minji@joongang.co.kr]