Yeosu Expo Site Reborn as a Global Hub for Marine Leisure Tourism

Enforcement of Revised Yeosu Expo Act and Port Corporation Act from May 16

Yeosu Gwangyang Port Authority (President Park Seong-hyun, YGPA) announced that it will officially begin the post-utilization project of the Yeosu World Expo site starting from the 16th.

After the 2012 Yeosu World Expo, the government established the 2012 Yeosu World Expo Foundation (hereinafter referred to as the Foundation) to promote the post-utilization project of the Expo site. However, the project faced difficulties due to sluggish private investment attraction, local community concerns about indiscriminate development, and the Foundation’s deteriorating management.

Panoramic View of Yeosu World Expo Site
Photo by Yeosu Gwangyang Port Authority

Accordingly, the Ministry of Oceans and Fisheries amended the "Special Act on Commemoration and Post-Utilization of the Yeosu World Expo" to change the project operator from the Foundation to YGPA, and promulgated the bill on November 15, 2022.

Subsequently, on November 29, the Ministry formed a transfer committee chaired by the Vice Minister of Oceans and Fisheries to finalize matters related to the establishment and operation of a dedicated organization, as well as the transfer of assets and liabilities.

YGPA established the "Yeosu Expo Post-Utilization Promotion Team" (with a staff of 15) to develop a comprehensive plan for the development and utilization of the Expo site and to promote projects aimed at revitalizing the site.

In addition, to transform the Expo site into a world-class marine leisure tourism hub, YGPA plans to hire experts in related fields to enhance professionalism.

Furthermore, to ensure the continuous operation of Expo facilities, a subsidiary company (Yeosu Expo Management Co., Ltd.) will be established, and the budget for safety and service quality improvements will be expanded.

The Ministry of Oceans and Fisheries plans to form a post-utilization committee composed of local residents and experts from various fields to ensure that their opinions are sufficiently reflected in the comprehensive plan.

Song Sang-geun, Vice Minister of Oceans and Fisheries and Chair of the Transfer Committee, stated, “We hope that the development effects through the post-utilization of the Expo site will expand not only to the Yeosu area but also to the South Coast region, contributing to balanced national development.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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