Korean companies find rare harmony when pitching for Busan’s bid [EXPO BID 2030]

Industry

Published: 28 Nov. 2023, 18:07

Korean companies find rare harmony when pitching for Busan’s bid [EXPO BID 2030]

Chiefs of Korea's eight conglomerates pose with French President Emmanuel Macron, center, at the Elysee Palace in Paris in June when the business leaders were in the city to participate the general assembly of the Bureau International des Expositions to promote Busan as the host of the World Expo 2030. From left: Hanwha Group Vice Chairman Kim Dong-kwan, Hyundai Motor Group Executive Chair Euisun Chung, LG Chairman Koo Kwang-mo, Samsung Electronics Executive Chairman Lee Jae-yong, French President Emmanuel Macron, SK Group Chairman Chey Tae-won, Poongsan Group and Federation of Korean Industries Chairman Ryu Jin, Hyosung Group Vice Chairman Cho Hyun-sang and Hanjin Group Chairman Walter Cho. [KOREA CHAMBER OF COMMERCE AND INDUSTRY]

For the past 18 months, Korean companies have come together in a rare unified act to support Busan’s bid for the World Expo 2030.

It was not only unprecedented for the country's top conglomerates to unanimously work toward a shared goal but also a rare occasion for businesses to take the helm in promoting a national event.

Since the private sector committee for the expo was established in June 2022, heads of major companies in Korea including Samsung Electronics, SK, Hyundai Motor, LG and Lotte, traveled to every nook and cranny of the globe to deliver Korea's earnest desire to bring the World Expo 2030 to the port city of Busan.

Along the way, they promised manufacturing and technological support to Bureau International des Expositions (BIE) member countries who would appreciate their help. They also promised to give support in digital and renewable energy transitions as well as expand local operations.

Hyundai Motor Group Executive Chair Euisun Chung makes a toast at an event promoting Busan's bid to host the World Expo 2030 held at a hotel in Paris on Nov. 23. [OFFICE OF THE PRESIDENT OF THE REPUBLIC OF KOREA]

Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won who doubles as the head of the Korea Chamber of Commerce and Industry (KCCI), Hyundai Motor Group Executive Chair Euisun Chung, LG Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin and others met some 3,000 high-ranking officials from 175 countries, according to KCCI data. To make these high-profile meetups happen, Korea Inc. held 1,645 prior meetings, the chamber said.

The five conglomerates especially took the reins for the rally this time as they possess precious networks around the world with their global operations. They accounted for 89.6 percent of the entire rally activities from the business side, the KCCI said. More than half of the rally activities were headed by either the group leaders themselves or at least the CEOs.

SK Group Chairman Chey Tae-won speaks to the press on Nov. 27 in Paris after rehearsing for the final presentation for Busan's bid for the World Expo 2030.

Such unified efforts were shown in the most recent rally activities that took place in Paris where the BIE headquarters is located and where the final winner will be announced. Along with Korean President Yoon Suk Yeol, the five leaders unanimously convened in Paris during the weekend to make their last-minute push for Busan's bid for the World Expo 2030.

Samsung's Lee was seen to have caught a cold upon his return to Korea on Monday after making stops in London and Paris.

"Everyone is working hard," Lee was quoted as saying upon his arrival at the airport to the reporters.

The unified effort was also shown in systemized rally activities where select countries are designated to each company to prevent any overlapping.

Samsung was in charge of Nepal, Laos, South Africa and Lesotho among others. SK was responsible for Afghanistan, Armenia, Lithuania and Malta while Hyundai Motor was designated to Peru, Chile, Bahamas and Greece. LG was matched with Kenya, Somalia and Rwanda.

The groups' heads have also put in the legwork, believing face-to-face conversations are the most effective means to deliver their genuine intentions.

Just earlier this month, Lee participated in the Pacific Islands Forum held on Cook Islands where he met with Fiji Prime Minister Sitiveni Rabuka to bid for the minister's support for Busan's hosting of the expo.

SK's Chey has been staying in Europe since early November for the expo campaign, making trips to not only European countries but also to Latin America.

Hyundai Motor's Chung is slated to stay in Paris until the last minute when the host of the World Expo 2030 gets announced on Tuesday local time.

"At first, it really was nearly an impossible game where there was hardly any chance for [Korea] to win," SK's Chey who heads the private sector committee said through his SNS account last Friday.

"But with the Korean government and many companies giving their all-out effort, we have done a lot of catching up and we are at a point now where nobody can easily tell who will win."