The Korea Chamber of Commerce and Industry, in collaboration with Deloitte Consulting, has projected that the upcoming Asia-Pacific Economic Cooperation Summit in Gyeongju, North Gyeongsang Province, in October will generate an estimated 7.4 trillion won ($5.1 billion) in economic benefits.
According to an analysis released on Tuesday, the short-term direct effects -- including economic stimulation and increased domestic consumption -- are expected to amount to 3.3 trillion won. Meanwhile, the medium-to-long-term indirect effects, encompassing economic and social benefits, are estimated to reach 4.1 trillion won. Additionally, the summit is expected to create about 22,634 jobs.
To maximize APEC's economic impact and invigorate regional industries, KCCI is planning a series of events, including the Future Tech Summit, which will highlight cutting-edge technology; the K-Tech Showcase, where Korean companies will exhibit their technological capabilities; and a Learning Program aimed at fostering cultural exchange and networking.
APEC, an international forum established to enhance economic cooperation among countries in the Asia-Pacific region, comprises 21 member economies. During the APEC Summit, KCCI will host the APEC CEO Summit, a high-profile gathering of global business leaders and government representatives, as well as meetings of the APEC Business Advisory Council. To ensure the smooth execution of the events, KCCI has established the APEC CEO Summit Organizing Committee and the ABAC Korea Secretariat.
KCCI Chairman Chey Tae-won, who is also chairman of SK Group, visited Gyeongju on Monday to oversee preparations for the 2025 APEC CEO Summit. Chey, who chairs the 2025 APEC CEO Summit, conducted a two-day inspection of the summit venues, accompanied by KCCI Vice Chairman Park Il-jun and Seoul Chamber of Commerce Vice Chairman Lee Hyung-hee.
During a roundtable discussion on Economic Revitalization through the APEC CEO Summit, attended by North Gyeongsang Province Governor Lee Cheol-woo and Gyeongju Mayor Joo Nak-young, Chey underscored the significance of the event.
“The APEC CEO Summit is a crucial platform where economic leaders of the Asia-Pacific region will gather to discuss future growth and cooperation strategies,” he said.
He further stressed, “I hope local governments and businesses will collaborate closely to ensure that the summit catalyzes a revitalization not only of Gyeongju and North Gyeongsang Province but also the broader regional economy.”
Ahead of the meeting, Chey visited the Gyeongju Arts Center, one of the candidate venues for the APEC CEO Summit, where he conducted an on-site inspection of key facilities, including participant accommodations, the welcoming banquet venue and other auxiliary event locations.
“The APEC business event is a critical opportunity to showcase Korea’s innovation capabilities and future vision. We will work closely with the government, local authorities, and businesses to ensure a successful and impactful summit,” a KCCI official said.
yeeun@heraldcorp.com
