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Report on Yeosu Expo; how to develop local economy through Expo?

Courtesy of Yeosu ExpoPhoto Courtesy of Yeosu Expo

The Hyundai Research Institute recently issued a report on the 2012 Yeosu Expo, focusing on how to lead the Expo to long-term success including development of the local economy.

The report analyzed overseas Expos such as Expo 2005 Aichi held in Japan, Expo Zaragoza 2008 held in Spain, and Expo 2010 Shanghai held in China, specifically focusing on the changes of local economies before and after hosting the Expos.

According to the report, most of those Expos have helped to secure local infrastructure yet they did not affect expansion of their local economies.

The report said, "Expo 2005 Aichi was successful along with building transportation infrastructure and economic development on the year the Expo was held, yet incomes of the local citizens stayed the same since the Expo was not connected with local economic development strategies."

Although Zaragoza saw an increase of tourists after hosting the Expo in 2008, its local economy only expanded in the year the Expo was held. From the moment the event was held, its Gross Regional Domestic Product (GRDP) started to decrease, the report said.
The Shanghai Expo was a big success, promoting the city to the world and improving the urban infrastructure. It hasn't yet been concluded how much local incomes have increased or whether the economy has developed by hosting the Expo.

Based on the analysis, the report emphasized that the connectivity between local development and the Expo needs to be reinforced for long-term growth of a host city of an Expo; it needs to be figured out how the facilities and infrastructure of the Expo will be used after the event. In order to increase the use of the facilities, the key is to connect the theme of the Expo with the vision of the city, the report said.

It also emphasized that the Yeosu Expo needs a long-term strategy for developing the city and the southern coast of Korea as an international tourism area.

The report is available at (Korean only).

By Jessica Seoyoung Choi Staff Writer

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