Despite a price tag estimated at US$3 billion, Shanghai should still make a profit from the World Exposition 2010, a top organizer told a gathering of international business leaders and the city's mayor Sunday.

The International Business Leaders' Advisory Council for the Mayor of Shanghai joined with more than 240 guests from around the world yesterday to discuss the World Expo and offer suggestion on how to make the event a success.

Wang Junyi, deputy director of the Bureau of Shanghai World Expo Coordination, told the gathering the city is capable of making a profit from the six-month event, something recent Expos have not been able to accomplish.

"I am highly confident that Shanghai's World Expo 2010 will make a profit," said Richard Wagoner Jr, chairman and chief executive officer of General Motors.

Wagoner said his optimism is based on the support businesses have shown for the event and China's massive population - a key point considering the government says 90 to 95 percent of the expected 70 million visitors to the event will come from within China.

Wang said the city has to make the event relevant by turning it into a "big party" complete with international food and entertainment instead of simply setting up science and technology exhibits.

Many of the event's critics say it has lost its relevance in

recent years, partially because people can use technologies such as the Internet to exchange ideas without meeting in person.

Wagoner also said the city is looking at ways to use Expo pavilions after the event is over and is pushing US companies to take part in the fair even though the United States is no longer a member of the Bureau of International Expositions.

Organizers expect the city to invest US$3 billion in the event with corporate partners investing a further US$15 billion to US$30 billion.

"So far, many business people, from home and abroad, have shown interest in investing in the Expo," said Wang.

Jing Shuping, former chair-man of the All-China Federation of Industry and Commerce, the World Expo will also offer golden business opportunities for the country's growing private sector.

Jing suggested the city government offer an open and fair competition environment for the private sector to participate in the 2010 World Expo in Shanghai. He urged the government to release more information to the public so that blind investment can be avoided.

Vincent Lo, chairman of Hong Kong-based Shui On Group, presented a proposed plan for utilizing Expo sites after the event is over.

"We wish to focus on how to best re-utilize the site and facilities after the event's six-month run in such a way that we would make a permanent contribution to Shanghai's development," Lo said.

The proposal calls for splitting the Expo site into three sections, with one used for a residential and commercial area in southern Luwan District, another hosting a cultural and recreational park in both Pudong and Puxi - east and west banks of the Hunagpu River, and the third being turned into a permanent international marketplace for future exhibitions.

Also during yesterday's meeting, GM's Wagoner was elected chairman of the IBLAC for the next two years.

Established in 1989 when ex-premier Zhong Rongji was the city's mayor, the IBLAC was set up to give foreign business leaders an opportunity to meet and exchange ideas with the city's decision makers.

(Shanghai Daily November 3, 2003)