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KCCI chair says APEC summit will go as planned despite tanking won

Published: 22 Dec. 2024, 16:12 Updated: 22 Dec. 2024, 18:15

KIM JU-YEON
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SK Group Chairman Chey Tae-won speaks of the 2025 Asia-Pacific Economic Cooperation CEO Summit that will take place in Gyeongju, North Gyeongsang, after being designated to chair the event at Lima on Nov.15. [YONHAP]

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won assured foreign business chambers and ambassadors to Seoul that Korea’s economy was “up and running as usual” and that preparations for next year’s Asia-Pacific Economic Cooperation (APEC) CEO Summit were going smoothly.

“Despite the recent difficulties, Korea’s economy is up and running as usual,” Chey, who will also chair the upcoming summit, said in a letter to the heads of 128 commerce chambers and 116 ambassadors to Korea, the business lobby said Sunday. “Our highly resilient and secure market economy system ensures that we will quickly overcome the difficulties that we face.”

Korea's economy has experienced sluggish growth throughout 2024. Both its stock market and currency took a hit following President Yoon Suk Yeol's short-lived martial law declaration and subsequent impeachment, then were slammed again by a greenback rally after the U.S. Federal Reserve hinted that it would scale back rate cuts in 2025. The won hit its weakest level in more than 15 years on Thursday, and the main Kospi index slid below the 2,400 mark during trading hours on Friday.

The chair requested the business chamber heads’ continuous support and participation in the 2025 APEC CEO Summit, which will take place in Gyeongju, North Gyeongsang, in October.

“The KCCI, in collaboration with the government, will thoroughly prepare to make the 2025 APEC CEO Summit an important milestone for the prosperity of Asia-Pacific countries and businesspeople,” Chey said.

The annual APEC summit, which gathers leaders from business, government and academia, will take place under the theme of “Bridge, Business and Beyond” next year.

“The KCCI will continue to spread the word about Korea’s stability through its business chamber network,” said Lee Seong-woo, head of the APEC summit’s promotion division. “We will make all preparations to ensure that the APEC CEO Summit, one of the world’s largest economic events, improves Korea’s standing.”

BY KIM JU-YEON [[email protected]]