As part of its vision to become Asia’s top spot for conventions and tourism, Coex plans to hold a tripartite festival, inviting Seoul, Beijing and Tokyo to a comprehensive cultural forum.
Coex said Monday that it will hold the SEBETO festival, a name referring to the three Northeast Asian capital cities, in May 2015, shortly after the current remodeling construction is completed in late 2014.
“The festival will not only act as a communication channel but also offer an opportunity to all foreign visitors to experience business, culture, tourism and shopping in Seoul,” Byun Bo-kyung, president and CEO of Coex, told reporters in a press briefing.
Byun Bo-kyung, president and CEO of Coex
During SEBETO week, Coex will display a number of exhibitions to promote Korea’s brand image and cultural content, while its affiliated halls will hold performances in which foreign fans may meet Korean Wave stars, he added.
The event is the first official step in facilities the new MICE Cluster project, a plan led by the Korea International Trade Association and Coex to improve the current mall into a higher-level, comprehensive complex.
The term MICE, an abbreviation for meeting, incentives, convention and exhibition, has risen over the past years as an effective all-in-one solution to promote international business transactions and to nurture local tourism simultaneously.
“The SEBETO festival will act as a model example to prove how lucrative the MICE industry is for our economy,” Byun said.
Over 100,000 foreigners, mostly from China and Japan, are expected to visit the Korea International Trade Center in May 2015, resulting in a total income of $150 million or more, according to Coex officials. The amount corresponds to the export amount of 11,000 midsized cars or 360,000 units of cell phones.
Ever since its kickoff, Coex has been perfectly capable of becoming a landmark spot, just like the Marina Bay Sands in Singapore, but has so far failed to make full use of its facilities, according to the CEO.
“Though Coex is a private company, it also holds some public functions as the nation’s leading convention and exhibition organizer,” he said.
“Its key role in the upcoming years is to create a globally competitive MICE cluster in Gangnam, in the center of Seoul.”
In order to add momentum to the project, Coex has kicked off a preparation committee, incorporating all related business units such as Seven Luck Casino, Grand InterContinental Seoul Parnas, Hyundai Department Store, Lotte Duty Free Shop and others.
In addition to the already-existing units, S.M. Entertainment will also join the group as a cultural content provider and hold K-Pop performances in the renovated Coex Mall, officials said.
By Bae Hyun-jung (tellme@heraldcorp.com)
