A homecoming for all overseas ethnic Korean business leaders and a fiesta for entrepreneurs from home and abroad, the World Korean Business Convention started in Songdo, Incheon on Tuesday.

The country's third-largest metropolis was filled with entrepreneurial minds, young and old, as they made their way to the special reunion. The convention brings together some 3,500 ethnic Korean businesspeople from 40 different countries. The slogan of this year's event is Hansang, the Future Hope of Korea.

The annual convention is organized by the Overseas Koreans Foundation and held at Songdo ConvensiA.

It provides local Korean business owners and their expat associates an opportunity to exchange ideas to improve the competitiveness of Korean businesses worldwide.

This year they also seek to promote their homeland's rapid economic recovery.

Various seminars and forums will continue on the sidelines of the three-day convention that ends Thursday with this year's focal points being finance and high-tech, as well as food and food service industries.

Experts anticipate not only direct profits from this year's event, but also ripple effects as seen in the regional economy of Jeju Island after the seventh meeting was held there.