Incheon says it will bid for 2025 APEC summit

Social Affairs

Published: 27 Mar. 2024, 16:31 Updated: 27 Mar. 2024, 18:03

Incheon says it will bid for 2025 APEC summit

Incheon Mayor Yoo Jeong-bok, center, poses for a photo with participants of an event supporting the city's bid to host the Asia-Pacific Economic Cooperation (APEC) summit 2025 at the Namdong Gymnasium on June 16, 2023. [INCHEON METROPOLITAN GOVERNMENT]

The city of Incheon announced plans to bid to host the 2025 Asia-Pacific Economic Cooperation (APEC) summit.

The Incheon Metropolitan Government announced that it began preparing its bid on Wednesday, one day ahead of when the Foreign Ministry will give the details of the bidding process to competing cities.

APEC is an annual forum of approximately 6,000 leaders and senior officials from 21 Asia-Pacific economies. It is set to take place in Korea for the first time in 20 years since it was hosted in Busan in 2005.

The Incheon city government plans to submit its application to host the event to the Foreign Ministry as early as next month.

A committee to decide on the host city — comprised of officials and experts from both the public and private sectors — announced four major criteria for the bid: the city’s purpose and plan for hosting the APEC meeting, the conditions of the city to host an international meeting, the environment to host summits and the city's contribution to the development of the country and the region.

“APEC is the only multilateral economic forum that Korea is participating in,” said Incheon Mayor Yoo Jeong-bok, stressing that his city is ready to host the meeting, which is “significant for the country to partner with other members for investments.”

Alongside Incheon, Busan, Jeju and Gyeongju are competing to bring the event to their cities.

According to the metropolitan government, it plans to appeal to the committee with the accessibility of the port city as it houses the Incheon International Airport, as well as facilities for international meetings like its conference center, Songdo Convensia.

Incheon, which is the second-largest economy in the country, also hosts Korea’s first and largest free economic zone.

The city expects that hosting the APEC summit will bring an economic effect of 1.5 trillion won ($1.1 billion) to the area and create 20,000 jobs.

Incheon is home to some of the world’s largest biopharmaceutical companies, including Samsung Biologics and Celltrion, and 15 international organizations, the metropolitan government said. The city also plans to team up with multiple companies and universities following its partnership with Shinhan Bank for the bid on March 11.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]