Vice Minister of Foreign Affairs Kang Insun Meets with Members of APEC Business Advisory Council (ABAC)

1. On Tuesday, October 22, Vice Minister of Foreign Affairs Kang Insun met with Cho Hyun-sang, CEO&Vice Chairman of HS Hyosung, and Lee Kyu-ho, President/CEO of Kolon Corporation, who are members of the APEC Business Advisory Council (ABAC), along with Park Il-jun, Executive Vice Chairman of the Korea Chamber of Commerce and Industry, which serves as the ABAC secretariat. They discussed the current status of the Korean government's preparations for the APEC chairmanship in 2025, as well as the importance of active cooperation from ABAC members to ensure a successful APEC meeting next year.

2. Vice Minister Kang introduced the theme and priorities for next year's APEC, which are "Building a Sustainable Tomorrow Together: Connectivity, Innovation, Prosperity." She emphasized that Korea will lead discussions to create an external economic environment beneficial to Korean businesses, focusing on stabilizing supply chains, expanding digital trade, and promoting inclusive growth through support for women and small businesses.

3. She also expressed hope that next year's APEC Economic Leaders' Week would provide an opportunity for many global CEOs and executives to visit various cities in Korea, including Gyeongju. In particular, she requested ABAC members to be active throughout the year to ensure that events such as "ABAC Dialogue with APEC Economic Leaders" and the "APEC CEO Summit" would facilitate discussions on global economic issues and business cooperation.

4. The ABAC members and the Korean secretariat of ABAC noted that the discussions within APEC hold great importance for Korean businesses, given the trade volume between Korea and the 21 APEC member economies. They pledged to mobilize all their resources to host substantive business events with the participation of numerous global business leaders during the APEC Economic Leaders' Week next year.

5. ABAC, established in 1995 to reflect the views of the private sector in APEC discussions, holds four meetings annually and submits recommendations to the economic leaders. It also organizes events such as the ABAC Dialogue with APEC Economic Leaders and the CEO Summit.

6. As the chair of APEC in 2025, Korea will host more than 200 meetings, starting with the Informal Senior Officials' Meeting (ISOM) scheduled for December 2024 and concluding with the APEC Economic Leaders' Meeting as the final event. During the meetings, Korea will facilitate discussions among the 21 member economies for economic growth and prosperity in the Asia-Pacific region.

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