According to the government this week, South Korea is aiming to host the country’s first World Expo in Busan city in 2030 with a budget of 4.9 trillion won.
The Ministry of Trade, Industry, and Energy will file the application to host the World Expo in Busan to the Paris-based Bureau International des Expositions (BIE) in 2021.
The ministry says the final winner is set to be picked in 2023, with six to seven countries expected to compete to host the event.
South Korea has hosted small-scale recognized events, the Specialized Expo in Daejeon in 1993 and in Yeosu in 2012.
But it has not hosted the registered World Expo that covers a wider range of topics.
The registered events are held every five years, with Shanghai and Milan having hosted the 2010 and 2015 events, respectively.
According to the ministry, the six-month World Expo is expected to attract a whopping 50 million visitors to the city and help beef up its local economy and tourism industry.
It added that if hosted, the expo is expected to create an economic value of 43 trillion won and generate 500,000 jobs.