Yoon Aims for '60 Trillion' Economic Turnaround... Meets with Governor of San Marino, Population 30,000

President Yoon Arrives in New York for 6-Day, 4-Night Expo Campaign
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"Expanding Economic Cooperation with Countries Worldwide through Comprehensive Diplomacy After Expo"

President Yoon Suk-yeol has launched a final all-out effort just over two months before the selection of the host city for the 2030 World Expo. Arriving in New York on the 18th (local time) for a 4-night, 6-day official schedule, President Yoon plans to hold talks with more than 30 heads of state to request support for hosting the Expo. The Presidential Office expects that President Yoon's Expo diplomacy will serve as a foundation for long-term economic cooperation between the countries.

According to the Presidential Office, upon his arrival, President Yoon met with the Captains Regent of San Marino, a country with a population of just about 33,000. San Marino, a small landlocked country within Italy, is a member of the International Bureau of Expositions (BIE) and holds voting rights for the Expo host city selection. The Captains Regent whom President Yoon met are symbolic heads of state who inherit the traditions of the ancient Roman Republic.

[Image source=Yonhap News]

The host city for the 2030 Expo will be decided at the BIE General Assembly on November 28. Candidates including Busan, Riyadh in Saudi Arabia, and Rome in Italy will each complete five rounds of competitive presentations (PT), after which the 179 member countries will vote by secret ballot. If no candidate receives more than two-thirds of the votes in the first round, a runoff vote will be held between the top two candidates.

Currently, diplomatic circles assess that Busan and Riyadh are the two leading contenders. Riyadh is considered the most likely candidate, especially as Crown Prince Mohammed bin Salman, the de facto ruler, is personally leading global promotional activities. France, where the BIE headquarters is located, has also publicly supported Riyadh. It is reported that about 70 of the 179 member countries have expressed support for Riyadh.

However, the Presidential Office is aiming for a last-minute comeback. If the decision goes to a runoff vote, Busan could face Riyadh one-on-one, and since the vote is a secret ballot, it might sway countries that initially supported Riyadh. President Yoon’s direct participation in the Paris BIE presentation is for this reason. The Presidential Office plans to actively utilize the UN General Assembly session, the largest multilateral diplomatic stage and a venue for high-level diplomacy, to promote the Expo bid. President Yoon also regards face-to-face contact with other heads of state as the most effective diplomatic tool.

The President’s determination to secure the Expo bid is driven by the enormous economic benefits. With domestic demand unstable and exports sluggish, the government is seeking a strong momentum to revitalize the economy. The economic value of the Expo, as assessed by industry, is estimated at 60 trillion won, with an expected creation of about 500,000 jobs. Countries build national pavilions in the host city to showcase human culture, industry, and scientific and technological advancements, as well as to present future visions. The host country provides only the land, while participating countries construct their own pavilions.

The Presidential Office also expects that President Yoon’s Expo diplomacy will serve as a foundation for medium- to long-term economic cooperation with various countries. Since the heads of state exchange positions on key issues during their meetings, it will facilitate expanded cooperation between ministries and companies later on.

This explains the noticeable shift in diplomatic tone at recent ASEAN (Association of Southeast Asian Nations) and G20 summits. While early overseas trips after taking office last year focused on Korea’s role in the international community and expressing value-based diplomacy, this year the focus has shifted to delivering strong security cooperation messages and securing economic benefits. Considering that President Yoon squeezed in numerous bilateral meetings to promote the Expo, he is concentrating on capturing the “three rabbits” of economy, security, and the Expo.

In fact, through participation in ASEAN and G20 meetings, President Yoon has created opportunities to strengthen economic cooperation between countries beyond one-off official development assistance (ODA), including infrastructure and advanced industries, while securing future growth engines. He has actively pursued new market entry through cooperation in export sectors such as supply chains, infrastructure, and advanced industries. Korea is advantageous in securing materials, while ASEAN countries can collaborate on advanced technologies, indicating high potential for mutually beneficial development. A Presidential Office official said, “Although meetings between heads of state are brief, they involve highly intensive dialogues. Since these are opportunities to clearly convey the government’s stance not only on the economy but also on security, the President’s comprehensive bilateral diplomacy will continue even after the Expo.”

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