The potential economic benefits of conglomerates coming together to network and unearth projects based on the intelligence gained from their activities to help boost the government’s bid for the 2030 World Expo, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won emphasized during the organization’s year-end press conference held on December 18th, 2023.

The previous month, Korea’s southern port city of Busan came up short in its bid to host the 2030 World Expo despite the bid having the full support of major conglomerates and business organizations.

“Pooling insights from major corporations regarding their participation in campaigns to support the bid and their networking can help unearth business projects that contribute to economic advancement,” Chey remarked.

Referencing Uruguay and Georgia as examples, Chey underscored the importance of embracing challenges in new markets. He highlighted Uruguay’s usage of over 90 percent renewable energy in its total consumption, suggesting the potential conversion of surplus energy into hydrogen or storage for future use. For Georgia, a nation reliant on hydroelectric power, Chey suggested selling entire energy solution packages.

“The complex global issues experienced during the process of bidding for the World Expo are challenges that domestic and international companies can collaborate on to solve in the form of solution packages,” Chey emphasized.

Regarding the Presidential Economic Envoys, Chey viewed their visits as a tradition upheld by all previous presidents and governments. “When considering the stance of working together as one team with the government to pioneer markets, accompanying these envoys is essential,” he said.

Speaking about the economic outlook for the upcoming year, Chey does not expect significant changes in the first half of the year but anticipated economic recovery in the latter half. Identifying China as pivotal for this recovery, he speculated, “China may exhibit signs of recovery by the end of 2024, and Korea could follow that trend.” However, Chey cautioned against making definitive assertions about the extent of the recovery due to the variables at play.

By Chung Seung-hwan and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]