APEC Summit in Gyeongju to boost economy by W7.4tr: KCCI
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.
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Safety and peace are prerequisites for national happiness. Safety is livelihood, and peace is economy. We will uncover the full truth of tragedies like the Sewol Ferry, Itaewon and Osong Tunnel disasters, and build a safe society where citizens' lives and property are not threatened. We will heal the scars of war and division and chart a future of peace and prosperity. No matter how expensive, peace is better than war. It is better to win without fighting than to fight and win — and a peace that requires no fighting is the most secure form of security. With defense spending twice the size of North Korea's GDP, a military ranked among the world's top five, and the US-ROK alliance, we will maintain strong deterrence against nuclear threats and provocations. At the same time, we will reopen communication with North Korea and build peace on the Korean Peninsula through dialogue and cooperation. 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Let us build a nation that leads the world with cultural excellence, leads change with advanced technology, and inspires others with exemplary democracy. When Korea acts, it sets the global standard. Respected citizens, Recovery and growth, ultimately, are for the happiness of our people, the true owners of this land. Let us build a genuine democratic republic where all national power is used solely for the people. Let us overcome small differences, acknowledge and respect one another, and move forward together toward a Korea where the people are the true owners, and the people are truly happy. You, the citizens who resisted a coup d'etat carried out with national power, and opened a hopeful world with the light of democracy — you are the true protagonists of this historic journey. As a faithful servant of the sovereign people of Korea, as the entrusted agent of 52 million lives and our nation's future, I will fulfill the responsibilities given to the 21st President of the Republic of Korea.
