KCCI "31.1 Billion Won Raised for Expo Bid... According to Voluntary Corporate Needs"

Samsung and SK Invest 7 Billion Won... Hyundai Motor and LG Also Join
Expo Hosting Efforts Present Business Opportunities for Companies

The Ceremony for Commerce and Industry Day was held on the 31st at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

The Korea Chamber of Commerce and Industry (KCCI) has decided to raise a total of 31.1 billion KRW from the top 10 conglomerates to support the bid for the '2030 Busan World Expo (Busan Expo)'. KCCI emphasized that the fundraising is being conducted under the name of a special membership fee as stipulated by the Chamber of Commerce and Industry Act, based on the voluntary needs of the companies.

On the afternoon of the 16th, Woo Tae-hee, Vice Chairman of KCCI, stated, "During the Yeosu Expo, companies raised about 14 billion KRW and donated it to the government," adding, "The fundraising is not in the form of donations but as a special membership fee of the Chamber, and it will be conducted transparently through an internal process."

KCCI recently proposed a special membership fee contribution ratio based on sales scale to the top 10 conglomerates, including Samsung, SK, and Hyundai Motor. Samsung and SK Group were each assigned a target amount of 7.05 billion KRW. Hyundai Motor (4.7 billion KRW), LG (3.05 billion KRW), and Lotte (2.2 billion KRW) are also participating in the fundraising.

KCCI emphasized that companies' participation in the Expo bid activities brings benefits beyond 'Expo support,' such as ▲ capturing new business opportunities and supply chains ▲ enhancing market understanding through meetings with national leaders ▲ and aligning with corporate interests by boosting the national brand if the bid succeeds.

Vice Chairman Woo said, "Companies have been actively engaging in bid activities, traveling to more than 70 countries so far," and added, "The Expo can serve as an opportunity to gain new business prospects. In the case of the Busan Expo, it is expected that 40 to 50 million visitors will attend, and considering the related construction and investment, it will have a tremendous impact on the nation and the national economy."

The special membership fees raised this time will be used for expenses related to the domestic and international official events of the private bid committee, as well as for metaverse and platform development costs, consulting, and promotional expenses. Some concerns have been raised that this might be a form of 'corporate coercion' by the government or economic organizations as seen in the past. However, KCCI pointed out that during the Yeosu Expo bid, private companies also donated a total of 14.2 billion KRW to the government as bid activity funds and urged consideration of the positive impact on the national economy.

Vice Chairman Woo stated, "The payment of special membership fees and the handling of expenses will be managed transparently, and external audits will be conducted once the bid activities conclude," adding, "We will strive to uphold the tradition and trust of the Korea Chamber of Commerce and Industry."

This content was produced with the assistance of AI translation services.