OSAKA - The organizer of the 2025 World Exposition in Osaka, western Japan, has formerly told relevant parties that construction costs for the event are expected to be up to 235 billion yen, or about 1.57 billion dollars.
This is the second review of the estimate of the construction costs.
In the initial plan, the Japan Association for the 2025 World Exposition said that the costs would be nearly 840 million dollars at the current exchange rate. But three years ago, it revised upward its estimate to about 1.23 billion dollars, partly due to measures against hot weather.
This time, the organizer revised the estimate again as material costs have been surging due to Russia's invasion of Ukraine and a weak Japanese currency. Personnel costs have also been rising because of a chronic labor shortage in the construction industry.
The costs are to be equally shared by three parties: the central government, Osaka Prefecture and Osaka City, and the business community. The heads of the parties held an online meeting on Friday.
Osaka Governor Yoshimura Hirofumi indicated that he will closely examine the revised costs and make a final decision on whether Osaka will share the burden. ...continue reading
