Foreign Ministry budget proposal includes 40-fold increase in APEC summit funding

Diplomacy

Foreign Ministry budget proposal includes 40-fold increase in APEC summit funding

Published: 29 Aug. 2024, 18:21 Updated: 29 Aug. 2024, 18:25

SEO JI-EUN
seo.jieun1@joongang.co.kr

The Ministry of Foreign Affairs in Jongno District, central Seoul [YONHAP]

The Korean government increased its budget for hosting next year's Asia-Pacific Economic Cooperation (APEC) summit 40-fold from this year's allocation, earmarking over 100 billion won ($74.8 million).

The Foreign Ministry said Thursday it proposed a budget of 4.3 trillion won for 2025, reflecting a 3 percent rise from this year's spending. This proposal has been submitted to the National Assembly for approval.

"The budget is primarily allocated for the successful hosting of major international conferences next year, including the APEC summit and the Korea-Central Asia summit," a ministry official told the press on condition of anonymity on Thursday.

The budget for the APEC summit, scheduled for November 2025 in Gyeongju, North Gyeongsang, increased from last year’s 2.5 billion won to 100.8 billion won. This will be the first time in 20 years that Korea will host the APEC summit, following the last event in Busan in 2005.

"By actively fulfilling our role as the host of the APEC summit, we aim to strengthen our role as a 'global pivotal state' and contribute to the international community [in line with President Yoon Suk Yeol's foreign policy vision]," the official said.

In addition to the APEC summit preparations, 6.9 billion won has been allocated for the first-ever Korea-Central Asia summit. The funding supports the "K-Silk Road" Initiative, announced by Yoon during his visit to Central Asia in June. This initiative seeks to link Korea's innovative capabilities with Central Asia's resources and development potential.

"Strengthening our cooperation with Central Asia will help us expand our diplomatic reach with strategic regions for three consecutive years," the official said, following the Korea-Pacific Island Countries Summit in 2023 and the Korea-Africa Summit this year.

The Foreign Ministry's Official Development Assistance (ODA) grants increased by 2 percent to 2.8 trillion won. This aligns with the increase in the Korean government's total ODA grant budget, which has doubled since Yoon took office, reaching a record 6.8 trillion won for 2025.

Contributions to international organizations have also risen by 15 percent to 826.2 billion won. The increased contributions are expected to help the nation's second year as a non-permanent member of the UN Security Council, the ministry explained.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]