- Amendments to the Special Act on the Assistance to the Expo 2012 Yeosu Korea and Port Authorities Act take effect as of May 16th -

  The Ministry of Oceans and Fisheries (Minister CHO Seung Hwan) announced that the Yeosu Gwangyang Port Authority (CEO Park Seong Hyun, hereafter YGPA) will fully initiate the Yeosu Expo Park Post-Use Project as of May 16th (Tuesday).

 While the Korean government has been promoting post-use projects of the 2012 Yeosu Expo Park by establishing the 2012 Yeosu World Expo Foundation (hereafter the ‘foundation’), these projects had faced challenges posed by weak private investment, concerns over substandard development by the local community, and unsatisfactory management of the foundation.

 In response, the Ministry of Oceans and Fisheries revised and announced the Special Act on Commemoration and Post-Utilization of Yeosu World Expo on November 15th, 2022, to hand over management of the post-utilization projects involving the Expo Park from the Foundation to the Port Authority. On November 29th, a Handover Committee was formed, chaired by the Vice Minister of Oceans and Fisheries, to finalize the details on the launch and operations of dedicated management teams and handle the transfer of assets and liabilities.

 YGPA plans to launch the Yeosu Expo Post-Utilization Promotion Group (consisting of 15 members) to draft a masterplan on the development and utilization of the expo venue, and roll out projects for the active use of the site. Furthermore, the Authority plans to recruit relevant professionals in the field to transform the expo park into a global hub of marine leisure tourism. Additionally, a subsidiary (Yeosu Expo Management Corporation) will be established to ensure sustainable operations of the expo facilities, while increasing relevant budgets to improve safety and service quality.

 The Ministry of Oceans and Fisheries will further form an Expo Park Post-Utilization Committee, consisting of local residents and experts in relevant fields to ensure that sufficient inputs are considered for inclusion in the master plan.