APEC Summit 2025 expected to bring 5 billion USD to Korean economy

The Korea Chamber of Commerce and Industry (KCCI) estimated that the Asia-Pacific Economic Cooperation (APEC) 2025 Summit, which is taking place in Gyeongju City, North Gyeongsang Province, is expected to bring the Korean economy a total added value of over 7.4 trillion won (about 5 billion USD) and create nearly 24,000 new jobs nationwide, industry sources said on October 30.

Compared to the 2005 APEC held in Busan, which generated more than 258 billion won and 2,518 jobs, APEC 2025 is considered to bring about outstanding economic efficiency in both scale and influence. (Source: Reuters)

About 3.3 trillion won is expected to come from short-term domestic consumption, mainly in service sectors such as accommodation, retail and transportation. The remaining 4.1 trillion won is expected to come from infrastructure investments and spillover effects in the medium to long term.

Revenue from local accommodation and transportation industries is expected to more than triple during the conference, with each delegate spending an average of over 1 million won per day on accommodation, food and cultural experiences.

KCCI believes that this event will create momentum for sustainable growth in the MICE (meetings, incentives, conferences, exhibitions) sector, contributing to promoting regional economic development beyond the conference framework.

An official from the APEC 2025 Preparation Committee said that the meeting and exchange of business leaders from APEC member economies will open up new opportunities for investment and industrial cooperation.

KCCI also emphasized that APEC 2025 is an important occasion for Korea to strengthen its economic leadership role in the Asia -Pacific region, which is the focus of the country's trade and investment strategy.

The North Gyeongsang Development Institute (GDI) forecasts that locally alone, the conference will generate 972 billion won in production value, 465.4 billion won in added value and about 7,900 jobs.

Compared to the 2005 APEC held in Busan, which brought in more than 258 billion won and 2,518 jobs, APEC 2025 is considered to bring about outstanding economic efficiency in both scale and influence./.

According to VNA

Source: https://baothanhhoa.vn/hoi-nghi-cap-cao-apec-2025-du-kien-mang-lai-5-ty-usd-cho-kinh-te-han-quoc-267178.htm